Corp Tax - Chapter 9 Flashcards
1
Q
Are Capital gains included in the TTP?
A
Yes, and pay Corp Tax
2
Q
What assets are exempt from CGT?
A
Cars
3
Q
What exemptions apply for companies CGT
A
Indexation Allowance @ Dec 2017
AIA / BADR not allowed
4
Q
Can indexation create a capital loss?
A
No
5
Q
What order are Capital Gains losses used?
A
Current Year, then brought forward
6
Q
What is Rollover Relief
A
Where a company sells one qualifying asset and purchases another qualifying
asset (or assets) within a specified period.
These rules only apply when the company is selling assets used for the purposes of
a trade
7
Q
Qualifying Assets include:
A
Land and Buildings
Fixed P&M
8
Q
Time limit
A
One year before to three years after
9
Q
Rollover Claim
A
4 years of end of AP
