Chapter CFM32045
Published date | 16 April 2016 |
Record Number | CFM32045 |
In an accounting period beginning on 1 January 2016, a UK company received an overseas dividend of £200,000, with foreign tax paid of £36,000, and UK trading profits of £50,000.
In the previous accounting period, it had a non-trading deficit of £300,000 to be carried forward under CTA09/S457.
Although the company has trading profits, as the non-trading deficits arise in an accounting period beginning before 1 April 2017, the carried forward non-trading deficits cannot be set against the trading profits.
In order to maintain maximum foreign tax credit relief the company claims under S458(1) to set only £70,000 of the non-trading deficits brought down against the non-trading profits of the period. The unutilised £230,000 deficits are carried forward to set against the non-trading profits of the following period.
Dividend | 200,000 |
Part deficit cf | (70,000) |
Net non-trading Profits | 130,000 |
Trading profits | 50,000 |
CT@20% | 36,000 |
Double taxation tax credit relief | 36,000 |
CT payable | Nil |
In an accounting period beginning on 1 June 2018, a UK company has trading income of £100,000 and property income of £70,000.
It also has non-trading deficits of £300,000 carried down from the previous accounting period...
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