A Ltd had the following results for the year ending 31 December 2012:
Trade profits
£46,000
Dividend received 1 November 2012
£4,500
Compute the corporation tax payable.
The corporation tax payable is:
£________
The correct answer is: £9,200.
The small profits rate applies when augmented profits are between £0 and £300,000, not taxable total profits.
Remember that augmented profit is defined as taxable total profits plus the grossed up amount of dividends received.
The dividend must be grossed up by multiplying by 100/90.
The augmented profits figure determines the rate of corporation tax payable, but the rate is applied to the taxable total profits figure.
The accounting period falls partially in FY11 and partly in FY12. The limits and the rates are the same in both years.
Dividend plus tax credit
£4,500 x 100/90
Augmented Profits
(below £300,000 limit)
£46,000 x 20%
Corporation tax
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