Dear Sir, I have a question about the deductions in property business income in corporation tax computation. Is business rates of a office building deductible? And what does business rates mean or refer to?
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Property Business Income of Corporation Tax Liability
Hi Yiling
Yes the business rates payable by a company on a let property are indeed an allowable deduction from the property business income within the Corporation Tax Computation. They represent a local government charge and are the equivalent to a council tax charge payable by an individual on a residential property.
Got it.
I am preparing the F6 paper for this Dec sitting and going through the revision kit these days.
Thank you very much, Sir.
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