UK to Repeal Legacy Corporate Tax Credit Claim Limits (1)

Around 100 British companies are set to accelerate their recovery of corporation tax credits following the repeal of a decades-old tax rules.

His Majesty’s Revenue and Customs detailed in a policy paper Friday the effects of the government’s plan to scrap rules that previously restricted how quickly companies can claim advance corporation tax, or ACT, balances from the tax authority.

The overhaul of the old regime was initially teased in the UK’s Autumn Budget last year, with the government introducing the changes through legislation in Parliament March 4.

The measure is expected to benefit companies that, until 1999, had ...