Hypothetical, new stand-alone company with taxable profits as follows:
Year 1 £2m
Year 2 £1m
Year 3 £2m
Year 4 £1m
Which years, if any, should they have been paying CT quaterly?
Thanks.
Replies (18)
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Assuming that year 1 (or any other year for that matter) was not a short period, none of them.
Probably not the case, but if the company receives dividends/FII they need to be considered as the £1.5m threshold is in relation to augmented profits not taxable profits.
There's no such thing as franked investment income any more. They are exempt ABGH dividends, as defined in CTA 2010, s 279G(5).
Associated companies? What are associated companies?
Oh... you must mean related 51% group companies!
It's a fair point that the manual is years out of date. OPs that rely on a combination of HMRC manuals and AWeb answers do so at their peril.
Wholly-owned subs??? Plural.
Your question refers to a standalone company.
In light of this new information I retract my initial response.
Frankly if a company within the QIP regime does not have an accountant that can answer these questions, it should get one.