KPMG report: Accounting considerations for the UK “super-deduction”
Accounting for income taxes considerations for assets subject to the UK super-deduction
Accounting for income taxes considerations for assets subject to the UK super-deduction
United Kingdom (UK) tax proposals include temporary first-year capital allowances for qualifying investments in new plant or machinery made between April 1, 2021, and March 31, 2023.
This article discusses accounting for income taxes considerations and how to determine the initial financial statement carrying amount under U.S. generally accepted accounting principles (US GAAP) for assets subject to this UK super-deduction.
Read the June 2021 report [PDF 169 KB] prepared by KPMG LLP: What’s News in Tax: Accounting Considerations for the UK “Super-Deduction”
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.