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Mineral extraction allowances (25%)
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See Also
Fixed assets | Mineral extraction allowances (10%) | Multiple mineral extraction allowances (10%) | Multiple mineral extraction allowances (25%)
Select from the following headings:
Background | Developing the
schedule | Completing the Schedule | Standard
Sub-Schedules | Carry Forward | Related
Errors
The software has two schedules for mineral extraction allowances, one for 25% allowances
and one for 10% allowances. The provisions for allowances available at 25% are
similar to those for plant and machinery and will apply to periods ending after
1 April 1986 (CAA 2001 s 418).
Both of these schedules offer the user the chance to identify each qualifying
item of expenditure by both a description and the relevant licence number in
each exploration area. The schedules can also calculate allowances where less
than 100% of a qualifying item is disposed of where the user simply inputs the
percentage disposal.
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The schedule can be developed from the Fixed
assets schedule.
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Licence number, Cost, TWDV b/f, Additions, Proceeds
The user is required to enter licence number, cost, additions, disposal proceeds
and percentage disposal if appropriate. The TWDV b/f cell will be completed
automatically where a new period is built from the earlier year.
From FY2005, an additional column, TWDV of transfers in/(out), is present to enable users to deal with transfers under CTA 2010 s 940. Users should enter the amount of the transfer in/(out) using this column rather than the additions or disposals columns. The software assumes that any transfer takes place at the year end, so the amount entered into TWDV of transfers in/(out) is the TWDV transferred after the allowances due in the company for the period. The accounts NBV transferred should be entered using the Other rows on the relevant Fixed assets schedules.
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This schedule has no standard sub-schedules.
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On carry forward, this schedule is automatically developed in the subsequent
computation if it is present in the prior year computation. In the subsequent
computation, the tax written down value brought forward is entered automatically.
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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  button.
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| Excess
waiver | This error
occurs when the writing down allowances (WDA) disclaimed are in excess of
the amount of WDAs actually available. Ensure that the WDAs disclaimed are
not in excess of the actual WDAs. |
| Allowances
waived should be positive | This error results
from the sign conventions used within the software. Writing down allowances
(WDA) are deducted from the profit before tax to arrive at profits chargeable
to corporation tax. If the allowances waived are entered as a negative
number, this actually increases the WDAs claimed in this accounting period
instead of deferring them until future accounting periods. This error
can be resolved by clicking the button. |
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© 2009 Thomson Reuters.