Key tax accounting considerations of the United Kingdom's main corporate tax rate reduction

Tax Insights

The Finance (No. 3) Act 2011, which reduced the main UK corporation tax rate to 26% effective April 1, 2011, received Royal Assent on July 19, 2011. This marks the end of the legislative procedures in relation to the Act and means that, for US GAAP purposes, the rate change is now considered enacted. The additional 1% rate reduction to 25%, effective April 1, 2012, was also legislated in Finance Act 2011 and received Royal Assent on July 19, 2011. Therefore, for US GAAP purposes, this additional reduction is also now considered enacted.

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