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FRS 102: Income tax under UK GAAP

FRS 102 Section 29 Income Tax sets out the requirements that apply to the recognition and measurement of current tax, deferred tax, VAT and other similar sales taxes.

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Access the standard

The requirements relating to specific topics are set out as sections within FRS 102. However, individual sections of the standard should not be looked at in isolation as other parts may be relevant.

FRS 102 is regularly updated and amended by the Financial Reporting Council (FRC). For the full text of FRS 102, guidance on which version of the standard to apply and notes on recent amendments, see our main FRS 102 page.

ICAEW factsheets and guides

The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.

Exclusive FRS 102 Deferred Tax factsheet
  • Helpsheets and support
  • 22 Nov 2022
  • PDF (330kb)
This recently updated factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic. (updated November 2022).
Exclusive Deferred tax under FRS 102
  • Helpsheets and support
  • 08 Nov 2022
Technical helpsheet issued to help members understand how to account for deferred tax under FRS 102.
Accounting and tax consequences of COVID-19 related support
  • Helpsheets and support
  • 15 Mar 2021
  • PDF (139kb)
This guide outlines the accounting and tax implications of the main types of government support packages.
Exclusive The essential guide to cryptocurrency
  • Helpsheets and support
  • 04 Apr 2019
  • PDF (277kb)
How do you account for cryptocurrencies? What tax is payable on crypto-transactions? What is the difference between a cryptoasset and a cryptocurrency? What is an ICO? This tech essentials publication provides guidance to help answer some of those questions.
Exclusive Accounting for a corporation tax Accelerated Payment Notice
  • Helpsheets and support
  • 24 Oct 2017
  • PDF (158kb)
In this FRS 102 Update, Financial Reporting Faculty staff answer some of your questions regarding APNs for corporation tax. Published October 2017.
Accelerated Payment Notices
  • Helpsheets and support
  • 01 Oct 2017
In this FRS 102 Update, Financial Reporting Faculty staff answer some of your questions regarding APNs for corporation tax. Updated October 2017.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Income tax
  • eBook chapter
  • 2019
  • Rob Carrington, Ernst & Young
  • UK GAAP 2019 - Generally Accepted Accounting Practice under UK and Irish GAAP
Guide from 2019 focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for income tax gives a comparison of FRS 102 Section 29 and IFRS, and covers VAT and similar sales taxes, current tax, recognition and measurement of deferred tax, allocation of tax charge or credit, consolidated tax returns and offset of taxable profits and losses within groups, presentation, and disclosure.
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You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Other resources

UK Accounting Plus
  • Website
  • Deloitte

Overviews of each UK accounting standard, with a history and timeline of key events and amendments.

UK GAAP model accounts and disclosure checklists Example financial statements and disclosure checklists for UK GAAP available from the ICAEW Library & Information Service, Bloomsbury and other sources.

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Financial reporting helpsheets
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Practical resources including factsheets, online guides and webinars on financial and non-financial reporting.

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