Claiming Loss Surrendered for Tax Credits

Last modified 12:43, 4 May 2016

Overview

You can claim tax credits for the surrender of losses arising from Research and Development, First year Capital Allowances Land Remediation and also losses from Creative Industry trades.

Claiming relief

  1. Select Tax Planning > Loss Utilisation from the left hand navigator.
  2. To see the maximum amount that can be surrendered for tax credit, select the Show maximum available check box.  
  3. The R & D/CI tax credit surrender, Land Remediation and the 100% First Year Capital Allowances are claimed under separate column headings.
  4. Enter the loss surrendered for tax credit amount.
    When this is claimed a warning triangle is displayed "
    Consider further restrictions if max offset not claimed".  For First Year Capital Allowances a warning triangle is displayed "Amount claimed for 100% FYA Capital Allowances must be after all potential reliefs that could have been claimed".
  5. Click the loss surrendered for tax credit hyperlink and the Tax credits window is displayed in Tax Planning > Tax Credits.
    You will then see a maximum tax credit available to be claimed by the company.
  6. Enter an amount in tax credit claimed.
    The Summary displays the amount claimed.

note

  • You will now need to complete the Repayments window found in Tax Return Information > CT600 > Repayments > AP.  In this window you will note the Tax Credit box has been automatically completed with the tax credit claimed.
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