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1、F6 Chapter 20 Computing the Corporation Tax LiabilityACCAspace Provided by ACCA Research Institute Copyright ?#0046990? ACCAspace4 ACCAspace 中国ACCA特许公认会计师教育平台 ACCA F6 Taxation(UK) 税法（英国） ACCA Lecturer: Helen Zhang Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 2 1 Computing the corporati
2、on tax liability Chapter 20 Computing the corporation tax liability Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 3 Chapter 20 Computing the corporation tax liability 1 Charge to corporation tax 2 Associated companies Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 4 Chapter
3、20 Computing the corporation tax liability ? 1 Charge to corporation tax Corporation tax liability = taxable total profits tax rate 1. Tax rate is determined by augmented profits, not taxable total profits. - augmented profits = taxable total profits + franked investment income (FII) - FII is the gr
4、oss-up amount of dividends received from other companies (UK and non-UK) other than those received from an associated company. FII = net dividends100/90 2. Tax rate is determined by upper and lower limits. 3. Tax rate is determined by Financial Year. Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许
5、公认会计师教育平台 5 Chapter 20 Computing the corporation tax liability ? Corporation tax computation Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 6 Chapter 20 Computing the corporation tax liability ? The main rate The rates of corporation tax are fixed for financial years. The main rate 24% f
6、or FY2012 26% for FY2011 28% for FY2010 Augmented profits is more than ?#0046990?1,500,000 (upper limit). ? The small profits rate (SPR) SPR20% for FY2012 20% for FY2011 21% for FY2010 Augmented Profits: not more than ?#0046990?300,000 (lower limit) Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公
7、认会计师教育平台 7 Chapter 20 Computing the corporation tax liability Example 1 Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 8 Chapter 20 Computing the corporation tax liability ? Answer to example 1 Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 9 Chapter 20 Computing the corporat
8、ion tax liability ? Marginal relief ? Where the augmented profits is over ?#0046990?300,000 but under ?#0046990?1,500,000, marginal relief applies. ? Calculate the corporation tax at the main rate firstly and then deduct: Standard fraction(U-A)N/A where U=upper limit (?#0046990?1,500,000) A=augmente
9、d profits N=taxable total profits ? The standard fraction 1/100 for FY2012 3/200 for FY2011 Augmented profits: over ?#0046990?300,000 but under ?#0046990?1,500,000 Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 10 Chapter 20 Computing the corporation tax liability ? Example 2 Copyright ?
10、#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 11 Chapter 20 Computing the corporation tax liability ? Effective marginal rate of tax ? Effective marginal rate: 25%, this rate applies to any taxable total profits that lies in between the lower limit (?#0046990?300,000) and upper limit (?#0046990?1,
11、500,000 ) ? 25% is never used in actually calculating corporation tax. It is important when considering loss relief and group relief. Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 12 Chapter 20 Computing the corporation tax liability Example 3 Copyright ?#0046990? ACCAspace ACCAspace 中国
12、ACCA特许公认会计师教育平台 13 Chapter 20 Computing the corporation tax liability ? The rates of corporation tax Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 14 Chapter 20 Computing the corporation tax liability ? Accounting period in more than one Financial Year ? An accounting period may fall wi
13、thin more than one Financial Year. (a) If rates and limits for corporation tax are the same in both Financial Years, tax can be computed as normal way.(tax can be computed for the accounting period as if it fell within one Financial Year.) (b) If rates or limits for corporation tax are different in
14、Financial Years, taxable total profits are time apportioned between the Financial Years, so does the FII. Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 15 Chapter 20 Computing the corporation tax liability ? Example 4 Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 16 Chapter
15、 20 Computing the corporation tax liability ? Answer Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 17 Chapter 20 Computing the corporation tax liability ? Short accounting periods The upper and lower limits (profit limits) are pro-rated on a time basis if an accounting period lasts for
16、less than 12 months. Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 18 Chapter 20 Computing the corporation tax liability ? Example 5 Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 19 Chapter 20 Computing the corporation tax liability ? 2 Associated companies ? Associated com
17、panies Companies are associated with each other if either: 1) one company controls the other, or 2) both companies are under the common control of the same person or persons. control： a) given by holding over 50% of the share capital or the voting power, or b) being entitled to over 50% of the distr
18、ibutable income or of the net assets in a winding up Exception An associated company is ignored if it is “dormant”. Copyright ?#0046990? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 20 Chapter 20 Computing the corporation tax liability ? Effects of associated companies If a company has one or more “associa
19、ted companies”, the upper and lower limits for small profits rate purposes are divided by the number of associated companies+1. ? Associated companies and short accounting periods If a company has associated companies and also a short accounting period, (先根据associated companies减少limit,再根据short accounting period来减少） a) first reduce the upper and lower limits for the associated companies and, b) then prorate them for the short accounting period. ACCAspace Provided by ACCA Research Institute