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Foreign income taxed as D Case I |
See Also
DTR Calculations | DTR relief calculations
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
The schedule is suitable for sources of foreign income, which fall to be taxed under Schedule D Case I, and provides a structure whereby relief can be obtained for the relevant amounts of foreign withholding tax suffered.
This schedule is developed from the 'D' schedules by using the Income sub-menu. It will then be stored within the 'A' pack of schedules.
The schedule is designed to allow analysis of the income on an accruals basis. For each source of income, the user should enter the amount credited in the period, any balances brought forward or carried forward and any exchange difference applicable. The schedule will then calculate the amount taxable as the balancing figure and calculate the attributable UK tax payable, together with the allowable foreign tax credit and reliefs to be allocated.
Withholding tax
Any withholding tax should be entered in this column. The schedule will automatically calculate relief for this tax (or the UK tax arising on the income if lower) on a credit basis.
Excess withholding tax (deducted)
If the user wishes to take relief for withholding tax on a deduction rather than a credit basis, the amounts to be treated in this way should be entered as negative figures in this column. Alternatively, if the Deduct foreign tax flag at the bottom of the schedule is switched to Yes, relief for all withholding tax on the schedule will be taken as a deduction.
TIOPA 2010, s35deduction
Where expense allocations on the Cost allocation under s798A schedule generate a s798C loss (where the withholding tax exceeds the taxable amount post cost allocation) the s798C deduction (which is the minimum of the s798C loss and the actual withholding tax) is automatically calculated and the adjustment flows to the Adjustment of profit.
Note: The Sheet properties and Row properties dialogs are enabled on this schedule and may be useful when entering data.
This schedule has no standard sub-schedules. However, the Cost allocation under s798A schedule is developed in conjunction with this schedule and is populated by many of the cells on this schedule.
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 balance brought forward is completed automatically.
© 2009 Thomson Reuters.