I can't find any examples or leg about this and am struggling with the practicalities, so maybe I'm missing something in the concept ...
A Ltd is owed 50/50 B Ltd & C Ltd. Relevant taxable profits/losses are as follows:
- A £60k loss CY
- B £35k profit CY
- C £35k loss c/fwd, £30k profit CY
In (my) theory CT600s are as follows:
- A: £60k loss - £60k consortium relief = £nil
- B: £35k profit - £30k relief = £5k taxable
- C: £30k profit - £30k b/f - £30k relief = £35k losses c/f
I've allocated it as 'group/consortium relief carried forward losses', but TaxCalc is rejecting C.
How do I treat the consortium relief given to C?