Corporation Tax forms
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CT600 forms - version 2
We publish all the forms currently in use on these pages and identify them by the letter 'P' in the table linked to this page. The current published forms take account of changes up to and including Finance Act (FA) 2008.
To help you prepare your changes, drafts of forms not yet published, identified by the letter 'D', will appear in the table as soon we prepare them. Please note that no substitute forms should be published or brought into use based on drafts. We ask you to wait until we publish the final versions, identified by the letter 'P' in the table below, before seeking substitute approval and publishing your version. We plan to publish the final versions this year by 31 August 2008.
Overview of changes for 2009
As a result of the April 2009 Budget we will be issuing a CT600 Budget Insert (2009), and updating the CT600 Guide. No changes to the main CT600 Company Tax Return form or to most of the supplementary pages are required this year. We will, however, have to update the supplementary page CT600I (Supplementary charge in respect of ring fence trades) - see the paragraph on the North Sea fiscal regime for further details.
Details of changes for 2009
Changes to loss carry back rules
In the Budget a temporary extension of the carry back rules for trading losses was announced. Losses arising in accounting periods ending between 24 November 2008 and 23 November 2010 inclusive can be carried back for up to three years. The amount of loss that can be carried back, beyond the immediately preceding year, under this extension are capped at £50,000 for losses arising in accounting periods (APs) ending between 24 November 2008 and 23 November 2009. A separate £50,000 limit applies to losses arising in APs ending between 24 November 2009 and 23 November 2010. If the accounting period in which the loss arose is less than a full year the £50,000 cap is proportionately reduced. No changes to the Company Tax Return form (CT600) will be needed to accommodate the claims, and the amounts claimed can be included by using the existing boxes for loss carry backs (30 and 31). The accounting period from which the loss is carried back should be specified in the computations.
Capital allowances - cars
The rules for capital allowances on cars are changing for expenditure incurred on or after 1 April 2009. Expenditure on cars which were first registered before 1 March 2001, that have low CO2 emissions or are electrically propelled will be allocated to the main pool. Expenditure on other cars will be allocated to the special rate pool. Expenditure on cars will remain generally excluded from annual investment allowance and first year allowances, although cars with very low CO2 emissions will continue to qualify for first year allowances.
No changes are needed to the Company Tax Return form (CT600) to accommodate the changes. Allowances or balancing charges in respect of expenditure on cars allocated to the special rate or main rate pools should be included in boxes 105 - 106 or boxes 107 - 108 respectively.
Expenditure on a car costing more than £12,000, incurred before 1 April 2009 and allocated to a single asset pool will remain in the single asset pool and subject to the existing rules for a transitional period. The transitional period will end on the last day of the company's first accounting period ending on or after 31 March 2014. Allowances or balancing charges for such cars should continue to be included in boxes 109 - 110 until after the end of the transitional period.
Car hire
Where a lease commences after 1 April 2009 the reduction in the amount of the car lease rental allowable will only be applied to cars which do not have low CO2 emissions and which were first registered on or after 1 March 2001.
Foreign profits - dividends and other distributions
For dividends and other distributions received by a company on or after 1 July 2009 the Corporation Tax treatment will change. Dividends and other distributions received from foreign companies will largely be exempt from Corporation Tax and UK distributions will be exempt to the same extent. The change will be achieved by providing that distributions of a company (whether resident in the United Kingdom or not) will be chargeable to Corporation Tax unless they fall within an exempt class. There will also be rules about certain non-dividend distributions and for cases where a deduction is allowed to a non-resident.
No changes to the Company Tax Return form (CT600) are needed. Non-exempt distributions of a company not resident in the UK should be included in box 9 (overseas income) and non-exempt distributions of a company resident in the UK should be included in box 14 (annual profits and gains not falling under any other heading).
Exempt distributions (together with their associated tax credit) will count as franked investment income. Consequential changes are being made to the definition of the franked investment income to be taken into account for the purposes of small companies' relief. The appropriate amount of franked investment income should be included in box 38.
Foreign profits - other changes
For accounting periods beginning on or after 1 January 2010, new rules are being introduced for large groups about the tax treatment of intra-group financing expense and income. Finance expense payable by UK members of a group of companies will be subject to a cap equal to the consolidated gross finance expense of that group. Any impact arising from this change will be reflected in the amount of profit or loss included in the Company Tax Return, either when made or by amendment, for each of the affected company or companies.
The controlled foreign companies legislation is being amended with effect from 1 July 2009 so as to remove the superior and non-local holding company exemptions and the acceptable distribution policy exemption.
North Sea fiscal regime
Specific types of new fields will receive a field allowance which, when the field is producing, can be offset against the supplementary charge. The field allowance will apply to development consent granted on or after 22 April 2009. We will be updating the supplementary page CT600I (Supplementary charge in respect of ring fence trades) to include a new box for the allowance. Companies will not be able to claim the new allowance until the supplementary page has been updated. Companies within the supplementary charge in respect of ring fence trades that are not claiming the field allowance can still make their returns using the existing CT600I.
Tax law rewrite
The Corporation Tax Act 2009 (CTA 2009) takes effect for accounting periods ending on or after 1 April 2009. This is the first rewrite Act for Corporation Tax and will be followed by a second Corporation Tax Act to take effect for accounting periods ending on or after 1 April 2010.
CTA 2009 makes two significant changes to the way Corporation Tax is assessed:
- it does not allocate income into Schedules and Cases
- foreign income is not charged separately from UK-source income of the same type.
Both changes will eventually require amendments to forms CT600 and CT600 (Short) (including changes to the statutory references) but, to avoid the need for two reorganisations of the form within as many years, the current forms will not be amended as a result of changes made by CTA 2009 until after the 2010 Act.
Therefore the form should be completed as if (a) there were no amalgamation of UK and foreign source income and (b) the references to Schedules and Cases were to the relevant Chapters of CTA 2009. More detailed guidance will be published in the CT600 Guide.
Substitute Tax Returns
Accurate facsimiles of the official Company Tax Return forms (based on the final paper format) can be accepted in accordance with Statement of Practice SP5/87. The design of substitute returns and supplementary pages must be centrally approved by HMRC before they are marketed or brought into use.
Quark versions of the return forms
Important
Draft versions have no legal status and are not in a prescribed form. They
must not be used by companies to deliver their Company Tax Returns.
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