08-06-2003, 05:26 PM
My name is Khawer Javed Qazi.I m a student of ACCA.I was studying the Subject of Business Taxation.In this subject I got a
problem which I would like to share with you.I was studying the topic of "Relief for Trading Losses" , in which I faced a
problem.I hope you will help me.
...............................Year to----6 months to----Year to------Year to
...............................30.9.00-----31.3.01------31.3.02-------31.3.03
...................................£................£..................£...................£..
Tra.P/(L)....................14,000........(10,000).......23,500..........(25,000)
Sch.A...........................800............400.............800...................800
Chargeable
Gains............................-...............700...............-.................1,900
Charges On Income
Gift Aid.........................200............200............200....................200
There was a loss brought forward under S393(1)ICTA 1988 at 1 October 1999 of £7000.
Calculate the Profits Chargeable to Corporation Tax assuming that Loss Relief is claimed as early as possible.
This was the whole question.For me it seems to be a simple question but there are figures in the answer that might be miss printed but to get another Opinion I would like to show you the Answer.
For confusing Figure I m using "*".If it is an apportionment then please tell me the basis for apportionment.
...............................Year to----6 months to-------Year to----------Year to
...............................30.9.00-----31.3.01----------31.3.02-----------31.3.03
...................................£................£..................£...................£..
Tra.P/(L)....................14,000...........-..................23,500....................-
S393(1)Relief..............(7,000)
Sch.A...........................800............400................800.....................800
Chargeable
Gains............................-...............700...............-............................1,900
...............................--------------- ------------- ----------- -------------
................................7,800...............2900*...........24.300...............5100*
S393A Relief..............*(7,100)............(2900)*..........(19900)*............(5100)*
Charges On Income
Gift Aid.......................(200)................Nil..............(200)....................Nil
..........................-------------.....................------------
................................500................................4200
Please Tell me the reason for the confusing figure which are in (*).on what basis the S393A Relief is given.
And why the figures of "2900" and "5100" are added in the place of losses as profits.
Edited by - khawerjavedqazi on Aug 07 2003 071916 AM
Edited by - khawerjavedqazi on Aug 07 2003 072413 AM
problem which I would like to share with you.I was studying the topic of "Relief for Trading Losses" , in which I faced a
problem.I hope you will help me.
...............................Year to----6 months to----Year to------Year to
...............................30.9.00-----31.3.01------31.3.02-------31.3.03
...................................£................£..................£...................£..
Tra.P/(L)....................14,000........(10,000).......23,500..........(25,000)
Sch.A...........................800............400.............800...................800
Chargeable
Gains............................-...............700...............-.................1,900
Charges On Income
Gift Aid.........................200............200............200....................200
There was a loss brought forward under S393(1)ICTA 1988 at 1 October 1999 of £7000.
Calculate the Profits Chargeable to Corporation Tax assuming that Loss Relief is claimed as early as possible.
This was the whole question.For me it seems to be a simple question but there are figures in the answer that might be miss printed but to get another Opinion I would like to show you the Answer.
For confusing Figure I m using "*".If it is an apportionment then please tell me the basis for apportionment.
...............................Year to----6 months to-------Year to----------Year to
...............................30.9.00-----31.3.01----------31.3.02-----------31.3.03
...................................£................£..................£...................£..
Tra.P/(L)....................14,000...........-..................23,500....................-
S393(1)Relief..............(7,000)
Sch.A...........................800............400................800.....................800
Chargeable
Gains............................-...............700...............-............................1,900
...............................--------------- ------------- ----------- -------------
................................7,800...............2900*...........24.300...............5100*
S393A Relief..............*(7,100)............(2900)*..........(19900)*............(5100)*
Charges On Income
Gift Aid.......................(200)................Nil..............(200)....................Nil
..........................-------------.....................------------
................................500................................4200
Please Tell me the reason for the confusing figure which are in (*).on what basis the S393A Relief is given.
And why the figures of "2900" and "5100" are added in the place of losses as profits.
Edited by - khawerjavedqazi on Aug 07 2003 071916 AM
Edited by - khawerjavedqazi on Aug 07 2003 072413 AM
