Deductions and Reliefs

To access this screen select Data Entry | Calculation | Deductions and reliefs

The Deductions and reliefs screen includes boxes 240 to 320. (For periods starting before 01 April 2015, boxes 22 to 37 respectively). See below for further information about each field.

Box 240 - Losses on unquoted shares

Click Loss relief entry to enter Corporate Venturing Scheme loss relief and losses on unquoted shares.

Box 245 - Management expenses

Click Management expenses to enter any management expenses:

• Brought forward;

• Management expenses incurred

• Less utilised

• Less surrendered to group

Business Tax calculates the amount of management expenses that can be utilised in this period.

Box 250 - UK property business losses for this or previous accounting period

Business Tax calculates the amount that can be utilised in this field. Click Property Losses to enter any Property Losses brought forward or surrendered to group companies.

Box 255 - Capital allowances for the purposes of management of the business

Business Tax calculates the amount of any current year non-trade deficits that can be utilised. Click Capital allowances to enter any Capital allowances:

• For the purposes of management of the business

Box 260 - Non-trade deficits for this accounting period from loan relationships and derivative contracts (financial instruments)

Business Tax calculates the amount of any current year non-trade deficits that can be utilised. Click Loan Relationship Losses to open the Loan Relationship losses screen where you may enter:

• losses brought forward

• brought back

• carried back or

• surrendered to group companies

Box 260 - Non-trading losses on intangible fixed assets

Business Tax calculates the amount of Non trading intangible losses which can be utilised. To enter these losses click Non trading losses next to box 260 to open the losses screen and enter:

• Brought forward

• Incurred

• Less surrendered to group

• Utilised

Business tax will then calculate the carried forward figure.

Box 275 - Total trading losses of this or a later accounting period

Business Tax calculates the amount of any current year losses or losses brought back to be utilised in this field. Click Trading losses to open the losses screen where you can enter the loss:

• Brought forward

• Less utilised against invest. income

• Brought back

• Less utilised against total profits

• Less loss carried back

• Less surrendered to group

Box 290 - Non-trade capital allowances

Business Tax calculates the amount of any current year non-trade deficits that can be utilised. Click Capital allowances to enter any Capital allowances:

• Other non-trading capital allowances and charges
  

Box 305 - Qualifying donations

Charges paid are entered in Business Tax as postings. Click Edit Charges and select Postings to open the Posting option.

Business Tax calculates the amount of charges that can be utilised and, where there are excess charges, the amount that can be carried forward. The amount carried forward is added to any trading loss carried forward.

To enter any amount to be surrendered as group relief click Edit Charges and select Charges - Group relief. Enter the amount in the field provided.

As S403 of the ICTA limits the amount of charges which can be surrendered, Business Tax checks the amount entered to ensure it is valid. The amount entered here is printed on CT600C Part 2 in the Excess charges over profits field.

Box 310 - Group relief

Business Tax uses the amount from box C10 on the group and consortium pages in this field. Click Edit Group Relief to access the CT600C data entry screens.

Box 320 - Ring fence profits included

Business Tax uses the amount from box 320 to calculated the Ring fence tax due for the company.