TCP December 2026

As above.

What is not exempt from stamp duty land tax:

On divorce

Effecting a variation of a will

A gift

A transfer between spouses for consideration is not exempt.In general, any transfer between spouses requires consideration and is thus subject to stamp duty land tax.

Corportion tax pro forma

Trading income X - Adjusted trading profits less capital allowances

Property income X - From UK and overseas let property

NTLR X - Non trade interest receivable less interest payable

Misc income X - e.g. royalties

Chargeable gains X - chargeable gains less capital losses

Total profits X

Qualifying donations (X) - National charity donations

Total taxable profit X

Difference between local + national donations for corporation tax calculation

National = Qualifying donations, deducted from total profits.

Local = Trading income, local charitable donation considered advertising

Threshold for a company private use when it comes to leased cars

ZERO

No private lease available for companies

Over how many emissions for a car is considered high emissions

>50g of Co2 per KM.

Flat rate 15% disallowance

Low emissions under Co2 completely fine

Rule for gifts to customers to be allowable for tax adjusted trading profits

-Not food or drink or tobacco

-Under <£50 per head

-Contains company advertising

Priority for AIA capital allowances

1. Second hand assets Special rate pool assets (can’t claim FYA unlike new)

2. Second hand Main pool assets

3. New Special rate pool assets

4. New Main pool assets

What is substantial shareholding exemption and what criteria is required to claim

Substantial Shareholding Exemption (SSE) is a UK corporation tax relief that exempts companies from corporation tax on capital gains arising from the disposal of qualifying shares

-Substantial shareholding of at least 10%

-Held for a continuous period of 12 months out of the 6 years prior to disposal

-Must be a trading company

Tax relief for ingangible fixed assets available

Follow accounting treatment and claim amortisation

OR

Claim a 4% WDA for tax purposes (only if UEL >25 years and not pro-rated)

Relief available for goodwill

6.5% deduction is calculated on lower of

-Actual cost of goodwill

-6* Value of IP purchased with goodwill

If no Intellectual property is purchased, no tax deduction.

What is RDEC? And how would it be treated when calculating corporation tax.

R&D Capital expenditure.

Companies qualifying can claim a RDEC credit of 20% of qualifying revenue expenditure

R&D total cost would be deducted from trading profits, RDEC added back, to reach your TTP. Corporation tax calculated based on that figure then full RDEC fully took off the liability.

Note: only 65% of qualifying R&D costs subcontracted to unconnected companies are eligible for RDEC

What is rollover relief and when is it applied

Available where a qualifying business asset is disposed, a replacement asset is acquired (within 1-3 years after disposal) and both assets are used in the trade.

The ‘gain’ is therefore deferred, not exempt.

Replacement asset cost, less deferred gain = new base cost of replacement asset.

Rule for applying group relief

Current period trading losses should be surrendered to the company taxed at the highest marginal rate first.