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| (b) Sofa Ltd has three subsidiary companies: Settee Ltd Sofa Ltd owns 100% of the ordinary share capital of Settee Ltd. For the year ended 30 June 2012 Settee Ltd had profits chargeable to corporation tax of £240,000, and for the year ended 30 June 2013 will have profits chargeable to corporation tax of £90,000. Couch Ltd Sofa Ltd owns 60% of the ordinary share capital of Couch Ltd. For the year ended 31 March 2013 Couch Ltd had profits chargeable to corporation tax of £64,000. (b) Sofa Ltd has three subsidiary companies: Futon Ltd Sofa Ltd owns 80% of the ordinary share capital of Futon Ltd. Futon Ltd commenced trading on 1 January 2013,and for the three-month period ended 31 March 2013 had profits chargeable to corporation tax of £60,000. Required: Advise Sofa Ltd as to the maximum amount of group relief that can potentially be claimed by each of its three subsidiary companies in respect of its trading loss for the year ended 31 March 2013. For the purposes of answering this part of the question, you should assume that Sofa Ltd’s tax adjusted trading loss for the year ended 31 March 2013 is £200,000. |