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Corporation Tax

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Corporation Tax Lite

Background

This schedule enables group relief and other offsets between companies to be dealt with in the Group module, without the requirement for an underlying company file. This may occur in situations, for example, where the computation for the underlying company is handled by a third party, perhaps where group relief is being claimed from or surrendered to a consortium company.

Note: The Non Abacus company schedule is only intended for use in simple cases. It does not contain all of the functionality that is available in a standard Corporation Tax file. For example, a non-abacus company will not provide the correct answer in a situation where a split period is needed (due to the removal of the starting rate) and the Non Abacus company has a different number of associated companies in the different financial years. If you find that the case you are trying to use the Non Abacus company for does not fit - i.e. the schedule contains or causes errors that you cannot clear, then you are advised to use a standard corporation tax file rather than the Non Abacus company schedule. Alternatively, you may prefer to simplify the information on the Non Abacus company schedule so that it does not give rise to such errors (e.g. treating all available losses as if they were trading losses greatly eases the use of the schedule without diminishing its usefulness in relation to the other companies in the group file).

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Developing the schedule

This schedule may be developed from the O schedule (Group members) by selecting Develop, Non Abacus company.

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Completing the schedule

You should enter details of income and expenditure using the data entry cells provided. The data entry cells include the following:

Company name

You should enter the company name into cell A1.

Period end

You should enter the chargeable accounting period end. The initial date shown will default to the period end of the group module, but can be changed using the date picker provided.

Previous period end

You should enter the last date of the previous period. The initial date shown will default to the period end of the prior year group module, but can be changed using the date picker provided.

Associated companies

You should enter the number of associated companies (including the company itself), to permit the calculation of tapering relief limits.

Note: if the number of associates is set on the O schedule (Group members), and if the consortium fraction is greater than 50%, the figure on the O schedule (Group members)will override.

Within simplified arrangements

A selector flag will be displayed which can be set to Yes if the company is within the CTSA group simplified arrangements.

Under enquiry

A selector flag will be displayed to indicate if the company is under enquiry.

Consortium percentage

For 75% subsidiaries, the consortium fraction should be set to 100% as consortium relief does not apply. If a percentage less than 75% is entered, then:

• the company name will appear on group summary schedules with the caption Consortium company.
• profits and losses on Schedule B (Group relief matrix) will be restricted by the consortium fraction.

Capital allowances

This figure is used on the A2 schedule (Current period income and losses).

Total profits relievable / (Losses) allowable

Enter the profits or losses available to be claimed or surrendered. Losses are entered as negative amounts. The figure should be entered after taking capital allowances into account.

When you have entered this amount, you will see an error message prompting you to analyse the amount out on the A2 schedule (Current period income and losses) into the appropriate income types.

s37(3)(a) loss offset

The s37(3)(a) loss offset should be entered on the A2 schedule (Current period income and losses). The figure is then linked through to the Non Abacus companyschedule.

Current period LR deficit offset

The current period loan relationship deficit offset should be entered on the A2 schedule (Current period income and losses). The figure is then linked through to the Non Abacus company schedule.

Capital loss carried forward

Enter capital losses carried forward for inclusion on the group summary.

Connected party capital loss carried forward

Enter capital losses on disposals to connected parties and carried forward for inclusion on the group summary. These carried forward losses are not included in Capital loss carried forward (above).

CT paid

Enter the amount of the corporation tax paid.

Tax payments received/(surrendered)

The surplus tax payments received from or surrendered to other group companies will be shown, as entered on the D schedule (Tax payment surrenders) in the Group module.

Forex figures (related to deferment of unrealised long term gains)

The values of B3, B4, C3 and C4 should be entered, for incorporation in the Group summary on the G schedule (Summary of group exchange gains and losses.

Status

Enter the status of the underlying computations (i.e. Draft, Revenue, Agreed).

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Standard sub-schedules

This schedule has no standard supporting schedules.

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Carry forward

If developed in the prior year computation, this schedule will automatically be developed in the subsequent year's file on roll-forward and the company name and information such as the tax district number, the Unique Taxpayer Reference (UTR) and the number of associated compnaies will be completed as per the prior year.

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Related errors

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