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Business Tax: Close Companies (CT600A) Section 455 tax at 33.75% and not 32.5%

Article ID
business-tax-close-companies-ct600a-section-455-tax-at-37-5-and-not-32-5
Article Name
Business Tax: Close Companies (CT600A) Section 455 tax at 33.75% and not 32.5%
Created Date
28th June 2022
Product
Problem
Loans IRIS Business Tax: Participators by Close Companies (CT600A) calculates any Section 455 tax at the previous rate of 32.5%. Now updated to 33.75%
Resolution

New HMRC rule from 2022: although this is applicable from 01/04/2022 however HMRC have not updated their servers to allow for filing the new rate online. This has now been updated in IRIS and will be available in the IRIS version 22.2.0 release and HMRC have advised they will be updating their servers this summer to allow for this to be filed online

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