Tolley's tax losses

목차 (Table of Contents)

• CONTENTS
• Abbreviations and References = xiii
• Table of Cases = xv
• Table of Statutes = xvii
• Income Tax and Capital Gains Tax section
• 1. Trading Losses 1
• Introduction = 1.1
• Calculation of trading loss = 1.2
• Capital allowances = 1.4
• Nil assessment = 1.5
• Allocation of trading losses to tax years = 1.6
• Normal rule = 1.7
• Opening years = 1.8
• Overlapping basis periods = 1.11
• Overlap relief = 1.12
• Overlap losses = 1.14
• Example 1 = 1.15
• Example 2 = 1.16
• Losses used in aggregation = 1.17
• Example 3 = 1.18
• Example 4 = 1.19
• Example 5 = 1.20
• Closing year = 1.21
• Example 6 = 1.22
• Example 7 = 1.23
• Penultimate year = 1.24
• Change of accounting date = 1.25
• Example 8 = 1.27
• Carry-forward of change of accounting date = 1.28
• Carry-forward against subsequent profits of the same trade = 1.29
• Meaning of 'same trade' = 1.30
• Claims = 1.31
• Carry-forward against interest or dividends = 1.32
• Miscellaneous = 1.33
• Set-off against total income = 1.38
• Example 9 = 1.40
• Example 10 = 1.44
• Claims = 1.45
• Late claims = 1.48
• Relief denied where trade not carried on on a commercial basis = 1.49
• Case law = 1.50
• Supplementary matters = 1.51
• Other anti-avoidance measures = 1.52
• Carry-back of losses in the early years of a new business = 1.54
• Example 11 = 1.55
• Claims = 1.56
• Interaction with ICTA 1988, s 380 = 1.57
• Choice of accounting data = 1.58
• Example 12 = 1.59
• Restricted availability of ICTA 1988, s 381 = 1.60
• Relief denied where trade not carried on on a commercial basis = 1.61
• Business originally carried on by spouse = 1.62
• Other anti-avoidance measures = 1.63
• Carry-back of terminal losses = 1.64
• Computation of terminal loss = 1.65
• Inclusion of overlap relief in terminal loss = 1.66
• Claims = 1.67
• Interaction with ICTA 1988, s 380 = 1.68
• Example 13 = 1.69
• Example 14 = 1.70
• Example 15 = 1.71
• Example 16 = 1.73
• Treatment of charges on income = 1.74
• Example 17 = 1.75
• Carry-back against interest and dividends = 1.76
• Interaction with CAA 2001, s 355 = 1.77
• Giving effect to carry-back claims = 1.78
• Interest on overpaid or overdue tax = 1.79
• Methods of giving effect to carry-back claims = 1.80
• Example 18 = 1.81
• Which loss relief to claim = 1.82
• Marginal tax rates = 1.83
• 2. Trading Losses 2
• Set-off of trading losses against capital gains = 2.1
• Claims = 2.2
• Procedure = 2.3
• The relief = 2.5
• Example 1 = 2.8
• Partnerships = 2.9
• Relief for trading losses = 2.10
• Carry-forward against subsequent profits of the same trade = 2.11
• Carry-back of losses in the early years of a new business = 2.12
• Carry-back of terminal losses = 2.13
• Example 2 = 2.14
• Unusual profit sharing arrangements between partners = 2.15
• Example 3 = 2.16
• Limited partnerships = 2.18
• Limited liability partnerships(LLPs) = 2.20
• Trades carried on abroad = 2.24
• The charge under Case V = 2.25
• Loss reliefs available = 2.26
• Change of residence = 2.27
• Carry-forward of losses where business transferred to a company = 2.28
• Annual payments treated as losses = 2.30
• Interest payments treated as losses = 2.32
• Restriction on use of farming losses = 2.33
• Other restrictions on use of losses = 2.38
• Interaction between losses and Class 4 NICs = 2.41
• 3. Schedule A Losses
• Introduction = 3.1
• Schedule A businesses = 3.2
• Computation of Schedule A loss = 3.3
• Relief for Schedule A losses = 3.4
• Carry-forward of losses = 3.4
• Set-off against other income = 3.5
• Allowable agricultural expenses = 3.6
• Claims = 3.7
• Transitional relief on changeover to current Schedule A regime = 3.8
• Furnished holiday lettings = 3.9
• Overseas property businesses = 3.10
• Transitional relief on changeover to current regime = 3.11
• 4. Miscellaneous Income Losses
• Schedule D, Case Ⅵ losses = 4.1
• Capital allowances = 4.3
• Special leasing of plant and machinery = 4.4
• Patent rights = 4.5
• 5. Capital Losses
• Introduction = 5.1
• Computation of an allowable loss = 5.2
• Set-off against gains = 5.5
• Set-off against attributed settlement gains = 5.6
• Interaction with taper relief = 5.7
• Example 1 = 5.8
• Planning = 5.9
• Interaction with the annual exemption = 5.10
• Example 2 = 5.11
• Carry-back on death = 5.12
• Claims for loss relief = 5.14
• Loss on disposal to a connected person = 5.16
• Negligible value claims = 5.18
• Loss on disposal of unquoted shares in a trading company = 5.19
• Mechanics of giving relief = 5.20
• Qualifying disposals = 5.21
• Claims = 5.22
• Meaning of 'qualifying trading company' = 5.23
• Further definitions = 5.25
• Identification rules = 5.26
• Computation of available loss = 5.27
• Example 3 = 5.28
• EIS shares = 5.29
• Miscellaneous = 5.30
• Loss on disposal of EIS shares = 5.32
• Example 4 = 5.33
• Example 5 = 5.34
• Loss on disposal of a chattel = 5.35
• Example 6 = 5.36
• Part disposals = 5.37
• Losses sustained by personal representatives = 5.38
• Trust losses = 5.39
• Loans to traders = 5.41
• Clawback of relief = 5.42
• Relief to loan guarantors = 5.43
• Corporation Tax section
• 6. Trading Losses
• Introduction = 6.1
• Carry-forward against subsequent trading income = 6.2
• Treatment of charges on income = 6.5
• Example 1 = 6.6
• Meaning of 'trading income' = 6.7
• Meaning of 'the same trade' = 6.9
• Miscellaneous = 6.10
• Example 2 = 6.12
• Set-off against profits of the same or earlier accounting periods = 6.13
• Example 3 = 6.17
• Claims = 6.18
• Example 4 = 6.19
• Treatment of charges on income = 6.20
• Example 5 = 6.22
• Restrictions on relief = 6.23
• Interest on tax overpaid = 6.25
• Example 6 = 6.26
• Interest on late paid tax = 6.27
• Carry-back of terminal losses = 6.28
• Example 7 = 6.29
• Treatment of charges on income = 6.30
• Example 8 = 6.31
• Miscellaneous = 6.32
• Successions to trade without change of ownership = 6.33
• 'Relevant assets' and 'relevant liabilities' = 6.35
• Example 9 = 6.36
• Meaning of 'belongs' = 6.37
• Repeated successions and part successions = 6.38
• Example 10 = 6.40
• Whether there is a succession to a trade = 6.41
• Capital allowances = 6.44
• 7. Trading Losses : Anti-Avoidance Provisions
• Introduction = 7.1
• Disallowance of trading losses on change in ownership of a company = 7.2
• Meaning of 'major change in the nature of conduct of the trade' = 7.3
• Meaning of 'change in ownership' = 7.5
• Example 1 = 7.6
• Time of change in ownership = 7.0
• Miscellaneous = 7.10
• Restriction on use of farming losses = 7.14
• Example 2 = 7.16
• Restriction not to apply = 7.17
• Leasing contracts and company reconstructions = 7.22
• Companies as partners = 7.23
• Arrangements for transferring relief = 7.23
• Dealing in commodity futures = 7.26
• Companies as limited Partners = 7.27
• Limited partnerships = 7.28
• Example 3 = 7.31
• Limited liability partnerships = 7.32
• Example 4 = 7.35
• Write-off Government investment = 7.36
• 8. Loan Relationships
• Introduction = 8.1
• Amounts included = 8.2
• Reliefs available = 8.3
• Set-off against profits of the same accounting period = 8.4
• Example 1 = 8.5
• Surrender as group relief = 8.6
• Set-off against non-trading loan relationship profits of previous accounting periods = 8.7
• Example 2 = 8.8
• Interest on overpaid and unpaid tax = 8.9
• Carry-forward for set-off against non-trading profits = 8.10
• Carry-forward as deficit of next accounting period = 8.11
• Example 3 = 8.12
• Claims to relief = 8.13
• Restrictions on relief = 8.14
• Insurance companies = 8.16
• 9. Intangible Fixed Assets
• Introduction = 9.1
• Set-off against profits of the same accounting period = 9.2
• Carry-forward to subsequent accounting periods = 9.3
• Example 1 = 9.4
• Restriction on use of losses on change in ownership of a company = 9.5
• 10. Schedule A Losses
• Introduction = 10.1
• Schedule A business losses = 10.2
• Example 1 = 10.3
• Restrictions on relief = 10.4
• Furnished holiday lettings = 10.8
• Overseas property businesses = 10.9
• 11. Miscellaneous Loss Reliefs
• Capital Allowances = 11.1
• Plant and machinery - special leasing = 11.2
• Treatment of excess allowances = 11.3
• Example 1 = 11.5
• Plant and machinery - management of an investment company = 11.6
• Treatment of excess allowances = 11.7
• Anti-avoidance = 11.8
• Non-trade patent allowances = 11.9
• Example 2 = 11.10
• Schedule D, Case Ⅵ losses = 11.11
• Relief for losses against apportioned profits of controlled foreign companies = 11.12
• 12. Capital Losses
• Introduction = 12.1
• Basic provisions = 12.2
• Computation of allowable loss = 12.3
• Set-off against gains = 12.4
• Example 1 = 12.5
• Notification of allowable loss = 12.6
• Loss on disposal of unquoted shares in a trading company = 12.7
• Giving effect to the relief = 12.8
• Example 2 = 12.10
• Identification rules = 12.11
• Computation of loss = 12.12
• Interaction with other reliefs = 12.13
• Claims for relief = 12.14
• Miscellaneous = 12.15
• Loss on disposal of CVS shares = 12.16
• Giving effect to the relief = 12.17
• Identification rules = 12.19
• Computation of loss = 12.20
• Example 3 = 12.21
• Interaction with other reliefs = 12.22
• Claims for relief = 12.23
• Anti-avoidance = 12.24
• Miscellaneous provisions = 12.25
• Groups of companies = 12.26
• 'Company' = 12.27
• 'Group' = 12.28
• Example 4 = 12.30
• Notional intra-group transfer of asset = 12.31
• Example 5 = 12.32
• Restriction on set-off of pre-entry losses where a company joins a group = 12.33
• Definitions = 12.34
• The 'pre-entry proportion' of a loss = 12.36
• Example 6 = 12.37
• Example 7 = 12.39
• Pooled assets = 12.40
• Example 8 = 12.43
• Operation of the restriction = 12.44
• Example 9 = 12.46
• Example 10 = 12.47
• Identification of the 'relevant group' and application to every connected group = 12.48
• Change in a company's nature = 12.49
• Miscellaneous = 12.50
• Restriction on setting losses against pre-entry gains Pooled assets = 12.54
• Pooled assets = 12.54
• Assets acquired over a period of time or derived from another asset = 12.55
• Example 11 = 12.56
• Other anti-avoidance provisions = 12.57
• Depreciatory transactions = 12.57
• Dividend stripping = 12.58
• Write-off of Government investment = 12.59
• 13. Management Expenses
• Introduction = 13.1
• Carry-forward to subsequent accounting periods = 13.2
• Example 1 = 13.3
• Anti-avoidance provisions = 13.4
• Restriction of relief following change in ownership of investment company = 13.4
• Write-off of Government investment = 13.7
• Insurance companies = 13.8
• 14. Group Relief and Consortium Relief
• Group relief = 14.1
• Definition of 'group of companies' = 142
• Example 1 = 14.7
• Amounts available to surrender = 14.8
• Trading losses = 14.10
• Capital allowances = 14.11
• Non-trading loan relationship deficits = 14.12
• Other amounts = 14.13
• Example 2 = 14.14
• Non-resident surrendering company = 14.15
• Surrendering company with non-UK branch or agency = 14.16
• Amounts which can be claimed = 14.17
• Example 3 = 14.20
• Example 4 = 14.21
• Example 5 = 14.22
• Interaction with other reliefs = 14.23
• Example 6 = 14.24
• Claims and surrenders = 14.26
• Time limits for claims = 14.27
• Procedure for making claims = 14.28
• Consent to surrender = 14.29
• Recovery of excess group relief = 14.30
• Simplified arrangements for group relief claims = 14.32
• Anti-avoidance = 14.33
• Consortium relief = 14.36
• The relief generally = 14.38
• Amount of relief = 14.39
• Example 7 = 14.41
• Claims and surrenders = 14.42
• Group／consortium companies - priority of group claims over consortium relief claims = 14.43
• Link companies = 14.45
• Example 8 = 14.48
• Anti-avoidance = 14.49
• Index = 275