computing taxable total profits and chargeable gains

Question 1

what kind of companies have to pay CT on their worldwide profits

Answer 1

companies incorporated in the UK

Companies whos management and meetings of board directors are held in the UK

Question 2

Do you deduct dividends paid from a CT comp

Answer 2

no

Question 3

do you include dividends received from other companies in CT comp

Answer 3

no

Question 4

what is bank and building society interest assessed as

Answer 4

interest income from non trade loan relationships

Question 5

how to calculate interest income

Answer 5

interest received - interest paid

Question 6

do companies pay CGT

Answer 6

no

Question 7

how do companies calculate property business income

Answer 7

accruals basis

Question 8

how do you account for property losses

Answer 8

relieved against total profits

Question 9

what must you do if a company has a long period of account

Answer 9

split it into the first 12 months and then the remaining months

Question 10

what is the tax rate for financial years 17, 18 an 19

Answer 10

19%

Question 11

do companies get an annual exempt amount for chargeable gains

Answer 11

no

Question 12

what relief can companies get

Answer 12

replacement of business asset (rollover) relief

Question 13

formula for indexation allowance

Answer 13

(RPI in earlier of month or disposal or December17 -RPI in month of expenditure)

Divided by

RPI in month of expenditure

Question 14

what is the cut off for indexation allowance

Answer 14

anything from Jan18 is not eligible

Question 15

can capital losses be carried forward

Answer 15

yes but not to set off against income

Question 16

what order should shares be matched for companies

Answer 16

acquisitions on the same day
acquisition in 9 days prior to sale
FA85 pool includes purchases from 01/04/1982 to 10 days prior to sale