INTM215260 - Controlled Foreign Companies: before CTSA

Notice of declaration: capital allowances - effect of declaration

If the Board makes a declaration for an accounting period, the Inspector needs to work out the chargeable profits and corresponding United Kingdom tax of that period and of every later period. For this purpose, it is assumed that the accounting period specified in the declaration is the first period for which the Board gives a direction. On this basis the Inspector works out the capital allowances of that period, and of every later period before the 'starting period' - see INTM215250.