Co A has y/e 31/07.
For year to 2013/14 A is large for Corporation Tax purposes and liable to the POA regime for the first time. Prior to 2013 y/e s455 of £138k is paid and held by HMRC. Dividend issued to clear overdrawn DLA during April 2014, now £nil.
April 2014 is month 9 of the he CTAP to 31/07/2014 and first CT POA is due, let us say, £200k.
s455 repayment claim sent during May 2014.
So to the question...
When is the s455 repayable relieved?!
Replies (10)
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1 April 2015
It's not an awkward question at all, and could have been avoided by looking at the legislation.
[EDIT - perhaps more awkward than I thought. Or, more likely, another case of my fingers working faster than my brain - correct answer is 1 May 2015]
Legislation
To satisfy yourself that BKD is correct, the legislation to look at is SI 1998/3175 (CT instalment payment regs), regs. 5 and 2(3) and FA 1998, Sch. 18, para. 8, which makes no reference to a deduction under CTA 2010, s. 456 in computing "the amount of tax payable", which is also the "total liability" for POA purposes.
I think it is ambiguous
As I don't understand - or can't add up!
Wasn't the loan repaid during the APE 31.07.14 so repayment is due 9m 1 d after that, i.e. 1st May 2014?
Or what am I totally not getting?
I don't think ...
... that either of us can add up.
Relief will indeed be due on 1 May (not April) but in 2015 (not 2014). Perhaps the question was awkward after all ;)
s. 456
It was the only one that I didn't check and attempted from memory! I meant s. 458!
And I'd relied on your addition being correct!
Ha ha
Even in pointing out what I thought may have been an error, I made an error myself! ;)
Best that this thread is confined to the recycle bin to save embarrassment all round!