include: group relief, group
chargeable gains and losses, group tax payments, consortium arrangements, transfers of ' assets within a group and transfers of trades within a group.
So then the question is what is the natural meaning of the words in paragraph (a): 'corporation tax in respect of income and
chargeable gains'?
"If a gain results, it will not be taxable on or after April 1, but if a loss is suffered, the loss will no longer be available for offset against future
chargeable gains suffered by the company on the disposal of other assets," said Mr Hodgson.
Here, the donor and donee jointly elect to hold over any
chargeable gains accrued during the donor's period of ownership, resulting in no tax payable until they themselves dispose of the asset.
UK companies pay corporation tax on their trading profits and
chargeable gains. For companies with profits in excess of pounds 300,000 per annum the basic rate of corporation tax for the 2013/2014 financial year will be 23 per cent.
You will be able to register the loss as relating to the period before the start of self assessment, ready for use against your current year gain, assuming that no
chargeable gains have been made since.
The tax relief is the same as for VCTs, except that the top investment allowed is 150,000 [pounds sterling] and any capital loss, after deducting EIS income tax relief, may be set against
chargeable gains or taxable income at the election of the investor.
A further complexity is that where disposal of an asset results in a loss for CGT, that loss can reduce any
chargeable gains made in the same tax year.
As David's taxable income and
chargeable gains are less than pounds 37,400 he will be no worse off, because the 18 per cent CGT rate remains unchanged for basic rate taxpayer.
Planning for a downturn in business will often involve disposals of valuable business assets to raise cash and this may crystallise large
chargeable gains.
Companies or groups that meet the UK REIT eligibility criteria will not pay corporation tax on rental income or capital gains tax on
chargeable gains.
Put simply, pounds 9,600 (for 2008/09) of
chargeable gains are in effect tax free every tax year for every UK resident individual, apart from individuals who are UK resident but not domiciled and claiming the remittance basis.
The annual exemption is the only exemption available to you before calculating any tax you will have to pay on
chargeable gains.
It added REIT legislation would enable it to be "genuinely active" in managing its portfolio, with any strategic disposals free from any tax on
chargeable gains.
The only occasion a loss on a bond might have some tax advantage is when there have been previous
chargeable gains on the same bond.
