Understanding the changes to corporate interest tax relief
Corporate interest tax relief explained
Until recently, interest on debt has largely been deductible for corporation tax purposes. In April 2017, however, that all changed. Under new – and rather complex – rules, the deductibility of interest and the costs associated with raising finance became restricted. Here, we provide a brief summary of the changes.
The CIR
In brief, the Corporate Interest Restriction (CIR) means that relief for a UK corporation group’s net interest expense is limited to 30% of its taxable earnings before interest, tax, depreciation and amortisation. Every UK group now benefits from a minimum interest allowance of £2 million; those whose interest expense is less than £2 million will therefore remain unaffected by the new legislation.
What is the purpose of the changes?
The government has stated that the changes have been made to align tax deductions on interest expenses with the economic activities undertaken in the …
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