U Ltd has three subsidiaries (one of which is dormant) and has the following results for the

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U Ltd has three subsidiaries (one of which is dormant) and has the following results for the year to 31 December 2021:

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Compute the corporation tax liability for the year and state the date (or dates) on which this tax is due to be paid. Assume that the group has existed for many years.

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Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

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Question Posted: Feb 02, 2024 06:00 AM

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U Ltd has three subsidiaries (one of which is dormant) and has the following results for the

Question:

Trading profits Income from property Dividends received from subsidiaries Dividends received from non-group companies Gift Aid donations 485,000 12,000 128,000 30,000 17,000

Step by Step Answer:

To compute the corporation tax liability for U Ltd for the year ending 31 December 2021 we need to start with the taxable profits and apply any releva...View the full answer

Taxation Finance Act 2021

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