C must complete and send in a CT61(Z) for each return period in
which a PID is paid, and a reconciliation for each accounting
period of how distributions made in that period have been
attributed.
As none of the February 2007 distribution is a PID, C need
not complete a CT61(Z) for QE 31 March 2007 solely on account of
the February distribution. The CT61(Z) for QE 31 March 2008 will
show PID of 900, for QE 30 September 2008 will show PID of 540, for
QE 31 March 2009 will show PID of 630, and for QE 30 September 2009
will show PID of 675.
No reconciliation is required in respect of pre-entry accounting
periods. The reconciliation for distributions paid in APE 31
December 2007 will show the ‘opening balances’ as
follows: (a) nil, (b) 900 (all pre-entry), (c) nil, (d) nil and (e)
100 (all pre-entry). It will show the 800 distribution paid in the
AP is all attributed to (b) and the ‘closing balances’
is (a) nil, (b) 100, (c) nil, (d) nil and (e) 100.
The reconciliation for distributions paid in 2008 will show
the closing balances from the previous period brought forward, any
amendments to these brought forwards (none in this example), the
1,200 profit for 2007, PIDs of 900 and 540 attributed to (a) and
normal dividends of 250 and 60 attributed to (b). The
‘closing balances’ to carry forward will reflect
profits of 2007 and attributions of the distributions paid in the
year as follows: (a) (540), (b) (10), (c) 100, (d) nil and (e) 100.
The reconciliation for distributions paid in 2009 will show
the closing balances from the previous period brought forward, any
amendments to these brought forwards (none in this example),
profits of 2008 and dividends paid in the year. The ‘closing
balances’ will be as follows: (a) (675), (b) 65, (c) 230, (d)
nil and (e) 100
This example is summarised in tables in
GREIT08085 to
GREIT08095.
