CT600A Loans to Participators

Last modified 07:50, 24 Apr 2017

Overview

Using the CT600A Loans to Participants window, you can add details of loans to participators necessary to complete the CT600A supplementary return pages.

You can add Participators to the CT600A Loans to Participator summary table and enter any amount of an existing loan brought forward.

The s455 tax arising and any relief due will be calculated based upon the transactions you enter into the Participator detail window when the Participator is created.

Complete Section 3 if the loan repaid, released or written off was more than nine months after the accounting period end in which the loan was made.

Accessing the CT600A data entry window

To access the Data Entry window, in the Data Navigator in the left side of the window: 

  • expand the Tax return information options and then and click CT600A.
  • click Tax return information and then click the CT600A hyperlink.

To view the supplementary pages, in the Actions panel on the left hand of the screen, click View Tax returns.

The window allows you to add Participators and complete details of the loan brought forward.

The s455 tax arising and any relief due will be calculated based upon the transactions you enter into the Participator detail window when the Participator is created.

Complete Part 3 Section 3 only if the loan is repaid in the circumstances outlined within the CT600 guide.

s455 tax rate change from 6/4/2016 and calculation of relief

The calculation of the amount of s455 tax relief due for loans brought forward but relief not claimed via the form CT600A is being calculated based upon the date of the repayment or write off. This may not always represent the correct relief as it is not being directly matched with the date the original loan was made which may have been before 6/4/2016 when the s455 rate of tax was increased to 32.5%.
If the date of the repayment or write off of the loan was before 6/4/2016 then the rate of relief is calculated based on the old rate of 25%.
If the date of the repayment or write off of the loan was on or after 6/4/2016 then the rate of relief is calculated based on the new rate of 32.5%.
The information of the original loan is not rolled forward when a new period of account is created so it is not possible to correctly match the repayment/write off with the original loan.
This does not affect the correct generation of form CT600A and submission to HMRC where the loan is made in one period and the repayment/write off is entered in the same period.

 

 

 

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