Commentary

D7.494 Transition – Making the comparison

Corporate tax
Corporate tax | Commentary

D7.494 Transition – Making the comparison

Corporate tax | Commentary

D7.494 Transition – Making the comparison

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

In essence the comparison required on transition is straightforward. In practice a considerable amount of analysis may be required of figures that are not routinely subject to detailed scrutiny by tax departments.

In broad terms the company must compare the figure for the amount attributed to shareholders at 31 December 2012 with the cumulative taxed surplus at the same date1.

In this context:

  1.  

    •     the amount attributable to shareholders is

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