Foreign Income Summary

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Overview

This is a summary of the entries for Foreign Income and foreign tax credits from data made within the Corporation Tax Software.

Foreign Income Summary

The Foreign Income Summary screen is shown per Accounting Period. More than one Summary will be shown if there are multiple Accounting Periods within the Period of Account.  The descriptions in the summary contain links to the data entries.

  • Foreign Investment Income The entries made are taken from the Foreign Income data entry pages.  The claim for relief for Foreign Tax is shown here.
  • Overseas Property Business The adjusted trading profit, and the Foreign tax paid will be automatically posted from the "Foreign Property Business.  If there is an adjusted trading loss the income is shown as 0.
  • Overseas Trade The adjusted trading profit and the Foreign tax paid will be automatically posted from the Overseas Trade. If there is an adjusted trading loss then the income is shown as 0.
  • Tonnage tax offshore training allowance offset  The entry in the Foreign tax credit box is taken from the entry made on the form CT600F for the offshore training allowance
  • UK trades The entry made in the Foreign Tax credit box is taken from the Foreign tax paid for the Trade.

 

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