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DAVID JEFFERY warns of the perils of ignoring the relevant factors when calculating small companies relief
KEY POINTS
- The extent of the small companies rate and its value.
- Dormant companies can be ignored under CTA 2010 s 26.
- The restrictive conditions of s 26.
- A comparison of SP 5/94 and s 26.
- Some suggestions for the future.
The corporation tax small profits rate (as the small companies rate is now called in CTA 2010) matters. It matters because it is potentially a valuable relief. It matters also because claims to relief are routinely challenged by HMRC and the resulting settlement can be expensive – particularly if there is an opportunity for the inspectors to go back over past years.
Of course the...
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