In UK Corporate Tax what are Case I losses?
In UK Corporate Tax what are Case I losses?
Im trying to fill out a CT600 short tax return form. Can't get ICTA 1988 online so I cant look directly at s393.
Answers:
Peter R: they are losses that can be used against future profits
http://www.hmrc.gov.uk/taxes_act_2000/vol02/icta_pt10/ictapt10-17.htm
2006-11-02 07:47:11
2006-11-02 07:47:11
Chosen Answer
guido74: Case I losses are from the trade itself (ie as opposed to investment income, capital gains etc).
2006-11-02 13:15:20
guido74: Case I losses are from the trade itself (ie as opposed to investment income, capital gains etc).
2006-11-02 13:15:20
tormcb: Case 1 losses refer to Schedule D Case 1 which are profits/losses arising from a trade. They can be used in the current period against other income before charges, carried back for 12 months or carried forward against profits of the same trade. On the UK full tax return it is probable that box 122 (which sounds like the one you are looking at) will equal box 30, but not always.
2006-11-03 06:24:42
2006-11-03 06:24:42