On 7 November 2017, regulations accelerating the date when “very large” companies must pay corporation tax by instalments, were made.

For accounting periods beginning on or after 1 April 2019, companies with annual taxable profits above £20m will need to make quarterly instalment payments of tax in the 3rd, 6th, 9th and 12th months of the current accounting period.

Companies within the instalment payment regime, but with profits not exceeding £20m, will continue to pay corporation tax by instalments in the 7th and 10th month of the current accounting period, and the 1st and 4th month of the following period.

On 21 November 2017, HMRC published guidance on the accelerated quarterly instalment payment dates for these “very large” companies.

The regulations can be viewed here.

The guidance can be viewed here.