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ACT and shadow ACT capacity (carry back schedule) |
See Also
ACT | DTR Calculations | DTR relief calculations | FII and shadow ACT | Tax rates
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule summarises the ACT and shadow ACT carryback position for current and earlier periods. It is a working paper and will be omitted from final printouts.
This schedule is a master schedule for periods ending after 31 March 1999, so is present in every file developed from that date.
Details of ACT and shadow ACT flow through automatically from the information entered on schedules A2 (ACT) and A4 (shadow ACT) respectively. The schedule shows the earlier periods' shadow ACT capacities and the current period's surplus shadow ACT position. The software calculates the maximum shadow ACT that can be carried back to earlier periods and gives an Update required error where the calculated carry back does not agree with the figure in the earlier computation.
Carrying back shadow ACT
The earlier periods can be updated by selecting File, Link, Carry back, Shadow ACT from the menu. This posts the amount of the carry back and the date of the period into the relevant prior period Shadow ACT schedule. The software will also displace any surplus ACT which has previously been set off against corporation tax in periods commencing 24 months before the end of the period in which the shadow ACT arose.
Overriding shadow ACT carry back
The shadow ACT to be carried back can be overridden by entering the required amount in the Carry back override data entry cell.
Long periods of account
The automatic carry back function is not supported for long periods of account.
Transitional accounting periods
In the transitional year (where the accounting period straddles the 5 April 1999), the software time apportions the ACT/shadow ACT capacity for the pre 5 April 1999 and post 5 April 1999 periods. The user may override this function by entering the actual ACT/shadow ACT utilised in the Enter alternative capacity to override data entry cell at the foot of the schedule.
This schedule has no standard sub-schedules.
On carry forward, this schedule is automatically developed in the subsequent computation. In the subsequent file, the brought forward figures for ACT and Shadow ACT capacity are automatically entered from the prior year computation.
Error | How to
solve it |
| Sign error | This error results from the sign conventions used within the software. This error can be resolved by clicking the
|
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