Question: Bassnote Ltd is a wholly -owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year . The

Bassnote Ltd is a wholly -owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year . The results for the year to 31 March 2018 are as follows:

Apexine Ltd Bassnote Ltd 120,000 (90,000) Trading profit/(loss) Trading losses brought forward

Apexine Ltd Bassnote Ltd 120,000 (90,000) Trading profit/(loss) Trading losses brought forward (42,000) (19,000) Income from property 7,000 3,000 Gift Aid donations 12,000 4,000 Calculate the maximum group relief that may be claimed for the year by Apexine Ltd.

Step by Step Solution

★★★★★

3.44 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The image contains financial information for two companies Apexine Ltd and its whollyowned subsidiar... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Taxation of Individuals Questions!

Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2022 are as follows: Calculate...

Low1 Ltd is a wholly -owned subsidiary of High 1 Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2018 are: High1 Ltd Low1 Ltd...

The ordinary share capital of PP Ltd (a trading company) is owned 32% by QQ Ltd, 35% by RR Ltd and 23% by SS Ltd. The remaining 10% is owned by various individuals, none of whom own more than 1%. All...

Bassnote Ltd is a wholly -owned subsidiary of Apex ine Ltd. Both companies are UK resident and prepare accounts to 31 March each year . The resul ts for the year to 31 March 2018 are as follows:...

Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2021 are as follows: Calculate...

Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2023 are as follows: Apexine Ltd...

Bassnote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2020 are as follows: Apexine Ltd...

QUES'HON ONE All amounts are expressed in New Zealand currency. All taxpayers are New Zealand tax residents and where relevant. the taxpayers have a standard balance date of 31 March. All scenarios...

introduction and recommendations of case study IVTL: Assessing project economic viability Ivey | Publishing 1 IVTL: ASSESSING PROJECT ECONOMIC VIABILITY 9B19N004 Alok Kastia wrote this case solely to...

1 ion Kingdom AG is a public listed company resident in Country X has a wholly owned subsidiary, Food Zebra Pe Ltd, incorporated and tax resident in Singapore since 2010. For the financial year ended...

Block House Developments (BHD) is a real estate development company that provides affordable accommodation for students. The vision for BHD is to become the market leader in student accommodation, by...

The Williams Novelty Company makes stuffed animals. Production for the remaining week in the fiscal year is to be set to make use of existing raw material inventory and contracted labor while...

Data similar to Problem

Do you think that it is possible for Coop to reduce costs, increase income and reinforce their brand, all at the same time?

Compute the primary and secondary Class 1 NICs payable in relation to the following employees: (a) A earns 198 for the week ending 25 June 2021. (b) B earns 803 for the week ending 25 June 2021. (c)...

Frances paid income tax and Class 4 NICs of 47,000 for tax year 2020-21, of which 19,000 was paid via the PAYE system. Her total liability for 2021-22 is 69,000, of which 21,000 is paid via PAYE. Her...

Jabran did not receive a notice to file a tax return for 2020-21 but he was aware that he had income which had not been assessed to tax. He notified HMRC of this fact on 2 October 2021 and a return...

How to find out where company does the most of business?

You are thinking of purchasing a house. The house costs $378,000. You have $45,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The...

Given the following data for Baltimore Technology, compute the firm's degree of combined leverage. Assume a corporate tax rate of 25%. Select the closest answer. 2019 : Sales = $700,000; Fixed costs...