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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend the Postal Services Act 2011 (Taxation) Regulations 2012 to exempt BIS (Postal Services Act 2011) Company Limited (registered number 07941521) from corporation tax for as long as it remains wholly owned by the Crown, within the meaning of sections 14 and 15(1) of the Postal Services Act 2011 (c.5).

The previous exemption expired on 31st March 2015 so regulation 1(2) makes retrospective provision to continue the company’s exemption from 1st April 2015. Section 23(5) of the Postal Services Act 2011 contains a power to make retrospective provision, other than provision withdrawing a relief or charging a relevant tax (relevant taxes are listed in section 23(9) and include corporation tax).

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.