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Background

This schedule deals with marginal relief calculations, movement in the number of associated companies and non-corporate distribution tax.

Note: This schedule does not handle Investment Trusts eligible rental income chargeable at the small companies' rate.

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Developing the schedule

This schedule is a master schedule in computations for FY2004 and onwards and will be automatically developed as schedule A1.

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Completing the schedule

This schedule is designed to be suitable for inclusion as part of the submitted computation. It sets out the marginal relief calculations in detail and also calculates tax on non corporate distributions where relevant.

Movement in associated companies

This schedule also contains the movement on associated companies. This section of the schedule will print in review only and allows you to change the number of associates effective for all financial years or separately for different financial years, as appropriate.

If, where the marginal relief limits have not changed, you attempt to change the number of associates between different financial years within the period, you will normally generate an error message warning you of this. The number of associates should apply to all financial years within the period unless the marginal relief limits have changed.

If the number of associated companies has changed during an accounting period, use the Associates override cell to set the correct number of associates for the marginal relief calculation.

For long periods of account, where the number of associates has changed between financial years, use the Number of associates override data entry cells to override the number of associates if necessary.

For pre-FY 2004 files, the movement in associated companies is dealt with on the Tax rates schedule.

Non-group Franked Investment Income

Prior to FY2010, the non-group franked investment income is automatically linked through from the FII and Shadow ACT schedule where this has been used, otherwise the total FII needs to be entered manually in the Grossed up non group FII cell.

For FY2010 and onwards, a separate section has been added underneath the Movement in associated companies section with the sub-heading Non-group FII.  This will include a data entry cell for each Foreign dividends schedule developed - where details of the exempt foreign dividends to be treated as non-group FII can be entered - plus a data entry cell to allow the entry of all other non-group FII. The total will then link to the FII and Shadow ACT schedule where this has been used.

Non-group FII is then pro-rated across financial years to calculate the ?profits? for marginal rate relief purposes.

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Standard sub-schedules

This schedule has no standard supporting schedules.

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Carry forward

This schedule is a master schedule in computations for FY2004 and onwards and so will be automatically developed. The number of associates from the prior period will be carried forward.

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Related errors

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