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Payments for relief |
See Also
A schedule - Group summary | B schedule - Group relief matrix | DTR Calculations | Group deferred taxation summary | Group tax provisions | O schedule - Group members | Tax account
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This sheet should be used for entering payments between companies for the surrender of group relief and/or other payments. Each payment or receipt is entered as a single figure on the same row as the company name.
This sheet will be developed as part of the group tax accounting sheets. The group tax accounting sheets can be developed from either A from Develop, Other, Group Tax Account or from B or D from Develop, Group Tax Account.
Total group relief (claimed)/surrendered
This figure is picked up automatically from the B schedule (Group relief matrix) .
Value in tax terms at the CT rate
The group relief figure is multiplied by the full CT rate. The CT rates can be found on the 'O' schedule of Corporation Tax software (see Tax calculations and DTR calculations ).
Enter the total payment actually made or received for the surrender of losses.
Revised payments or receipts can be entered here.
Updating individual computations
The O schedule (Group members) will show that a computation needs updating if the figure entered for the actual payment or receipt differs from that in the computation.
The P&L charge/credit in respect of the group relief or other payment will be posted to the underlying computation's Tax Account and forms part of the total tax charge shown in the computation. Any receipts or payments made in respect of the group relief credit or charge should be entered manually in the underlying Tax Account in the Receipts/(Payments) column.
Updated figures cannot be posted to computations which do not contain deferred tax schedules. In such a case the O schedule (Group members) will continue to show that an update is required until the number is removed from this schedule.
© 2009 Thomson Reuters.