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To access this screen select Data entry | Calculation | Deductions and reliefs. Click Loan Relationship Losses next to box 260. (For periods starting before 01 April 2015, box 28).
This screen can also be accessed using the edit options next to boxes 170 and 23. (For periods starting before 01 April 2015, boxes 19 to 21 respectively) on the Income screen.
To enter any profits or deficits on non-trading loan relationships incurred in this period enter a Loan Relationship posting.
Business Tax automatically calculates the maximum amount of the deficit that can be utilised. To restrict the amount used, select the Restrict option and amend the amount.
Enter any deficit carried back in this field.
Select Data Entry | Groups and Consortium (CT600C) and complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid. The amount entered in the Non-trading deficit on loan relationships field of the Allocation table will be copied to this field.
To bring back a deficit made in a future period and utilise it in the current period enter the amount of the deficit allowable for set off in this field.
This amount will be utilised after trade losses brought forward, trade charges on income, loss relief under S393A and after any current period deficit.
The deficit will be netted off against profits on non-trade relationships in box 170. Box 172, (for periods starting before 01 April 2015, box 7), will be selected automatically.
Business Tax automatically calculates the maximum amount of the deficit that can be utilised. To restrict the amount used select the Restrict option and amend the amount.
When you first use a client in Business Tax you must enter the non-trade deficits brought forward in this field. In future years, Business Tax completes this field for you when you run Bring forward.
In the Return and corporation tax computation the deficit is entered in box 230 and set against non-trading profits (including chargeable gains). Unutilised deficits are carried forward.
Business Tax automatically calculates the maximum amount of the deficit that can be utilised. To restrict the amount used select the Restrict option and amend the amount.
Deficits carried forward are calculated automatically and cannot be overwritten.
The program adjusts this field for any other changes made. For example, if the amount entered in the C/back field is altered then the amount in the C/fwd field is automatically adjusted.
To enter non-trading loan relationship deficits or income use the Loan Relationship posting option.