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This topic provides information on the Controlled Foreign Companies (CT600B) data entry screen in IRIS Business Tax.
To access this screen, select Data Entry | Controlled Foreign Companies (CT600B)
Use this screen to enter the details of any Controlled Foreign Companies and foreign permanent establishment exemptions that the company has held a relevant interest in the accounting period.
The Company Details data entry screen displays.
Name of CFC - enter the full name of the CFC
Territory of Residence - enter the territory of residence of the CFC. The field has a drop-down list and will pre-populate the field with all relevant territories as the field is completed.
If the entry is not on the HMRC recognised list, the iXBRL label used will be Other Territories.
Type of Exemption - a drop-down list of the types of exemptions to select. If there are multiple exemptions that apply or there is a special exemption that applies, then the last option Other Exemption should be selected. Tthis will enable a text box to enter further details.
Tax Exemption, Excluded Territories Exemption and Low Profit Margin Exemption are not required to be included on the return, therefore will not be printed on the computation or return.
When selecting an exemption, all the fields below will be disabled as this
implies that none of the profit is subject to a CFC charge.
If there is a Chapter 9 claim (all profits from qualifying loan relationships) in entirely then select this option. However if the CFC income compromises of trading and qualifying loan relationships then do not complete this field as the income that is exempt (under Chapter 9) will need to be entered below.
Percentage of apportionable profits and creditable tax - enter the appropriate percentage.
Chargeable Profits - enter the profits that pass through the CFC charge gateway.
Tax on Chargeable Profits - enter the amount of tax due.
Creditable Tax - enter the amount of tax already paid on the chargeable profits that is deductible.
Reliefs in terms of tax (exemption claimed under Chapter 9) - enter the amount of tax on any profits excluded by the making of a claim under Chapter 9 of Part 9A, TIOPA 2010.
ACT as restricted - enter the amount of any unrelieved surplus Advance Corporation Tax (ACT) under S32 FA 1998.
CFC charge due - the charge is automatically calculated according to the entries made.
The totals field is completed by the system and the total for column J is entered is Box 490 on the CT600.