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Sun Rose Ltd prepares accounts for the year-end 31 March 2011 and provides the following information: Property income from renting a warehouse in the UK
Sun Rose Ltd prepares accounts for the year-end 31 March 2011 and provides the following information:
- Property income from renting a warehouse in the UK 150,000
- Dividends received from unconnected UK companies 63,000
- Trading income 750,000
- Dividends received from an unconnected German company 27,000
- Dividends paid 45,000
- Interest income 50,000
- Gift Aid donation gross amount paid 25,000
Sun Rose Ltd disposed of some shares held as an investment on 30 June 2010 and realized a chargeable gain of 150000. The tax rate, limits and marginal fraction are given below:
Profit and Limits | Tax rate | MR Fraction |
Less than 300,000 | 21% |
|
Between 300,000 and 1,500,000 | Main Rate (28%) Minus Marginal Relief | 7/400
|
Above 1,500,000 | 28% |
|
Required: Calculate the TTP and corporation tax liability for Sun Rose Ltd for the year ended 31 March 2011.
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