Property income section (CT600)

This section is use to record property income details.

Refer to the HMRC Corporation Tax form for Company Tax (CT600) guidance if needed (opens in a new tab).

  1. Open the required tax return, then select the Data input tab.

  2. If the required section is listed, select it and skip the next step. If not, select Add a new section.

  1. On Choose a section to add, under Income, select Property income.

    If the section is crossed through, it has already been added to the tax return. To adjust it the existing values, close the window and select the section on the Data Input tab.

  1. This section has 3 tabs. Complete each tab as follows, then select Save changes.

Net property income tab

Capital allowances tab

Property losses tab

Net property income tab

Net property income per accounts

For each item, enter the Description of income, the net income Per accounts, and the net Amount taxable (before adjustments)

A new line is automatically added. Unwanted lines can be deleted using the bin icon.

Add: amounts disallowed

  1. For each item, enter the Description of income, the amount included in the property Per accounts, and the amount Disallowed

  2. Select the HMRC Category for the disallowed item. This is used to tag the value in the XBRL computation.

A new line is automatically added. Unwanted lines can be deleted using the bin icon.

Other tax adjustments

  1. For each item, enter the Description of income and the property amount Per accounts

  2. Enter the Amount of deduction / (addition). If the adjustment is an addition, enter a negative figure.

  3. Select the HMRC Category for the disallowed item. This is used to tag the value in the XBRL computation.

A new line is automatically added. Unwanted lines can be deleted using the bin icon.

Activity

Did the qualifying activity cease in this period? – select if the qualifying activity ceased in the current accounting period. This allows balancing capital allowances to be calculated correctly on asset pools.

Capital allowances tab

The tab contains a grid enabling several types of capital allowance to be recorded. Select the capital allowance you want to record for instructions:

Depending on the period dates some asset types may not be available. Where the period is not for a full 12 months the capital allowances will be assigned on a pro rata basis.

For each type of asset, the grid shows a summary with each asset type in its own column. To access the input area for an asset type, select Edit at the top of the column for that type.

Below the button, the following information is summarised for each asset type:

The tax written down value at the start of the accounting period.

The sum of the expenditure in the period that is eligible for 100% First Year Allowances.

The amount of 100% First Year Allowance claimed on the relevant expenditure.

The sum of the expenditure qualifying for Super Deduction and Special Rate allowances for the period 1/4/2021 to 31/3/2023.

The total Super Deduction and special rate allowances being claimed on the relevant expenditure.

The total expenditure in the period that is eligible for the Annual Investment Allowance. This may be more than the AIA limit for the year.

The Annual Investment Allowance claimed. The title for this row also shows the maximum amount of AIA that can be claimed in the period, assuming that the AIA limits are not shared with another business.

The total expenditure in the period that is not eligible for First Year Allowances or Annual Investment Allowance.

The value of all asset disposals in the accounting period.

Any balancing allowance or balancing charge that is applicable for the asset type.

The balancing charges calculated as arising on Super Deduction and special Rate expenditure

The residue of expenditure after adding the written down value and additions, and after deducting FYA and AIA claimed and disposal proceeds. This is the amount on which writing down allowances can be claimed.

For asset pools this line will indicate the writing down of the remaining pool balance where the balance of the pool is less than the small pools limit for the period.

The maximum writing down allowance that can be claimed in the period. The rates for writing down allowance will be different for different types of asset.

The total writing down allowance not actually claimed for the asset. This figure will reduce the WDA claim and increase the written down value carried forward.

For plant and machinery pools, the value of any assets transferred into or out of the pool at the end of the period.

The written down value of the assets to be carried forward to the next accounting period.

The sum of all allowances claimed for each type of asset; this includes First Year Allowance, Annual Investment Allowance, Balancing allowances/(charges) and WDA claimed.

Private use is not applicable for companies. Private use must be accounted for as a Benefit in Kind for the employee or director

Property losses tab

Used to Record property losses.