Hi,
Can anyone help me with the following case?
The Company had a profit of £2mln. for the year ended 28.02.2021. It did not exceed £1.5mln threshold for the year 28.02.2020. The company estimated that it will not exceed £1.5mln for the year 28.02.2022 therefore did not make any CT payments during the year. However, the company joined the group in 09.2021. Does it mean that £1.5mln threshold must be divided in order to get threshold for the year ended 28.02.2022 or 28.02.2023?
Thank you for any help!
Replies (2)
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Is this the point?
https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm92520
“A related 51 per cent group company is ignored if it did not carry on a trade or business during the accounting period, or if it was only a related group company for part of an accounting period ….”