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To access this screen select Data Entry | Losses deficits and excess amounts
The Losses and deficits screen includes boxes 780 to 855. (For periods starting before 01 April 2015, boxes 122 to 138 respectively).
Amounts will only be entered in the group relief column if losses are being surrendered to group companies.
See below for further information about each field.
The loss entered in box 780 is the trading loss plus any unutilised trade charges.
The loss available for group relief in box 785 does not include charges, charges available for group relief are entered in box 845.
Overseas trading losses entered in the data entry screens are totaled and entered in this field.
Business Tax completes these fields based on the figures in the corporation tax computation.
The amount entered in box 805 is the Property loss for this CTAP.
The amount included in box 810 is calculated under S403 ICTA 1988. This section stipulates that charges on income, Property losses, management expenses and non-trading losses on intangible fixed assets are available for surrender only to the extent that, in aggregate, they exceed the surrendering company’s gross profits. Where more than one of these categories is available for surrender the order of set off is:
Overseas land and property losses entered in the data entry screens are totalled and entered in this field.
Business Tax completes these fields based on the figures in the corporation tax computation.
Business Tax completes this field with the amount entered by the user for capital losses arising in the period.
Non-trading intangible losses can be entered by clicking Non trading losses to the right of box number 835. The figure entered into the Incurred field with be the figure shown in box 830 on the CT600.
The amount entered in box 830 is the non trading loss incurred for this CTAP.
The amount included in box 835 is calculated under S403 ICTA 1988. This section stipulates that charges, Schedule A losses, management expenses and non-trading intangible losses are available for surrender only to the extent that, in aggregate, they exceed the surrendering company’s gross profits. Where more than one of these categories is available for surrender the order of set off is:
Users can access this field and enter the figure in manually.
This release of Business Tax does not allow users to enter amounts in box 135. The facility will be included in a later release.
The amount entered in box 850 is the amount entered in the management expenses incurred field less the amount utilised in the corporation tax computation.
The amount in box 855 is calculated under S403 ICTA 1988. This section stipulates that charges, Property losses, management expenses and non-trading intangible losses are available for surrender only to the extent that, in aggregate, they exceed the surrendering company’s gross profits. Where more than one of these categories is available for surrender the order of set off is: