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Corporation Tax (Chargeable Gains (Indexation Allowance, Rollover relief,…
Corporation Tax
Trading Income
Calculated
according to Accounting Period
Capital Allowances
-according to Accounting Period
Personal use of asset - No adjustment
Dividends
are
NOT
allowable as trading expense
Interest Income
Interest Received
Trading
Taxable as trading income
Non-Trading
Taxable on accrual basis as interest income
It is received gross
Interest Paid
Trading
Deduct from trading income expense
On accrual basis
Non-Trading
Deducted from interest income
Property Business Income
Interest paid
Deducted from
Interest income
Loss
Deducted from
Total Profits
before QCDs
Excess is Carried forward - Future total profits
Calculated
according to Accounting Period
Chargeable Gains
Indexation Allowance
Rollover relief
Capital losses
Annual exempt amount
shares and securities
Trading Losses
Section 37
Relief against total profits
Section 39
Terminal Loss relief
Section 45
Carry forward the trading loss against future trading income
Miscellaneous Income
Patent royalties received/paid for a non-trading purpose
Profits on the sale of goodwill and other intangible assets
Capital Allowances
Annual Investment Allowance AIA
Energy Saving Plant and Machinery
Oversees Income
included TTP
Dividends should be
excluded
as all dividends received
Profits included in trading profits unless
Double tax relief may be available
Qualifying charitable donations QCDs
All donations to charity
are paid gross
cannot be carried forward or carried back)
group
relief may be available, if QCDs paid exceed the total profits