Finance Act 2015 received Royal Assent on 26th March.
Accounts being drawn up to 31 March 2015, including quarterly accounts, will need to reflect the provisions of the Act, in particular the reduced rate of SCT of 20%, the extended period for ring fence expenditure supplement, the changes to the Field Allowance rules and the introduction of the new Investment and Cluster Allowances.
The reduced rate of PRT to 35% also became law but will not apply until CP I 2016.
For deferred tax purposes companies will need not only to take into account the effect of the new rates on balances brought forward but also, in the case of PRT to assess the extent to which timing differences are expected to reverse at the existing rates or the new rates when preparing these accounts.
If you have any questions on the Finance Act 2015 changes please call your usual CW Energy contact.