This article looks at what taxpayers who receive such a charging notice should do next.
HMRC have started issuing charging notices following the decision of the EU Commission on State aid (SA.44896) in relation to Chapter 9 of the UK's Controlled Foreign Company (CFC) rules. HMRC have indicated that they intend to issue notices to all affected taxpayers during January and February 2021. The ‘charging notice’ is similar to a corporation tax assessment, but with a number of important differences, in particular relating to time limits. If your business has received or expects to receive such a charging notice please read on for further advice.
What do you need to do next?
Given the various time limits we would strongly recommend that taxpayers prepare for the receipt of a charging notice in advance of notices being served. Please speak to your usual KPMG contact or one of the contacts listed below for further assistance regarding the above.
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