Accounting year ended 30 June 2005:
Basic Profits £145,000
NCD's £150,000
Clearly company pays tax at underlying rate equal to or in excess of 19% therefore NCDR does not apply but does it still have excess NCD's of £5,000?
There is also a group company in the year ended 30 June 2005 which has sufficient profits to absorb the excess NCDs and has an underlying CT rate of 0% - presumably mandatory reallocation is necessary.
Steve Glover