T Ltd has owned 90% of the ordinary share capital of B Ltd for many years....

 

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T Ltd has owned 90% of the ordinary share capital of B Ltd for many years. Both are UK resident. Recent results for the two companies are as follows: Trading profit/(loss) Chargeable gains Gift Aid donations T Ltd yle 31/3/2021 £ 880,000 25,000 5,000 T Ltd yle 31/3/2022 £ 130,000 13,000 5,000 B Ltd yle 30/11/2021 £ (174,000) 3,000 No dividends have been received by either company in any of these years and maximum group relief is claimed. Calculate the corporation tax which is payable by each company for each accounting period and state the due date (or dates) of payment. T Ltd has owned 90% of the ordinary share capital of B Ltd for many years. Both are UK resident. Recent results for the two companies are as follows: Trading profit/(loss) Chargeable gains Gift Aid donations T Ltd yle 31/3/2021 £ 880,000 25,000 5,000 T Ltd yle 31/3/2022 £ 130,000 13,000 5,000 B Ltd yle 30/11/2021 £ (174,000) 3,000 No dividends have been received by either company in any of these years and maximum group relief is claimed. Calculate the corporation tax which is payable by each company for each accounting period and state the due date (or dates) of payment.

Answer rating: 100% (QA)

T Lid The corporation tax payable by T Lid is 880000 for the year ended 31 March ... View the full answer