Tx notes fa22 Final

Example 5
 
 
A plc had the following results since it started trading on 1 April 2019:
Show how losses will be relieved on the assumption that any relief is to be taken as soon as 
possible. 
You should then attempt Practice Question 21 
y/e 31/3/20 y/e 31/3/21 y/e 31/3/22 y/e 31/3/23
£
£
£
£
Trading profit / (loss)
40,000
20,000
(43,000)
20,000
Property Income
3,000
3,000
3,000
3,000
Interest receivable 
4,000
3,000
5,000
3,000
Qualifying charitable donations
(1,000)
(1,000)
(1,000)
(1,000)

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Chapter 19
CHARGEABLE GAINS – COMPANIES 
1. General 
As seen in Chapter 16 companies pay corporation tax on their chargeable gains. 
A chargeable gain arises on a chargeable disposal of a chargeable asset by a chargeable person as 
seen in Chapter 12 for individuals. 
A UK resident company is chargeable on its worldwide gains and may dispose of a chargeable asset 
not only by sale but also on the loss or destruction of an asset. 
All assets are chargeable assets unless they are specifically exempt.