The key features include:
- a company is required to pay the tax due in advance of filing a tax return
- a ‘process now, check later’ enquiry regime when the tax return is submitted
- the inclusion in the tax return, and in a single self-assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation
- the requirement for companies to self assess by reference to transfer pricing legislation.