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AnswersProfessionalLevel–OptionsModule,PaperP6(UK)AdvancedTaxation(UnitedKingdom)1June2008AnswersMemorandumToTaxmanagerFromTaxassistantDate2June2008SubjectSaturnLtdgroupofcompaniesThismemorandumconsidersanumberofissuesraisedbyDanielDare(DD),themanagingdirectorofSaturnLtd.(a)(i)DioneLtd–Valueoftaxloss–AnyamountofthelosscanbesurrenderedtotheUKresidentmembersofthe75%lossgroup,i.e.SaturnLtdandRheaLtd.–Themaximumtaxsavingwillbeobtainedbyoffsettingthelossagainstprofitsbetweenthelimitsforthesmallcompaniesrateofcorporationtax.Thelimitsaredividedbyfourastherearefourassociatedcompanies(TitanIncisincludedasoverseascompaniesareassociatedforthepurposesofdeterminingtherateofcorporationtax).Accordingly,fortheyearending30June2008thelimitsare75,000and375,000.–ThemaximumtaxsavingwillbeachievedbysurrenderingthelosstoSaturnLtd.Thefirst10,000oflosswillrelieveprofitsatthefullrateoftaxandthebalanceofthelosswillsavetaxat325%.SurrenderingthelosstoRheaLtdwouldonlysavetaxat30%.–ThedividendreceivedbySaturnLtddoesnotaffectitscorporationtaxliability.DividendsreceivedfromUKresidentcompaniesarenotsubjecttocorporationtaxanddividendsreceivedfroma51%subsidiaryarenotfrankedinvestmentincome.–Thecorporationtaxsavedviatheoffsetofthelosswillbe60,525((10,000x30%)+(177,000x325%)).–Theclaimmustbesubmittedby30June2010(oneyearafterthefilingdateofthecorporationtaxreturn).Furtherinformationrequired:–IncomeandgainsofDioneLtdfortheyearended30June2007ThelosscouldbecarriedbackforoffsetagainstthetotalprofitsofDioneLtdfortheyearended30June2007.Whetherornotthiswouldbeadvantageouswoulddependonthecompany'stotalprofitsforthatyear.Althoughthemaximumadditionaltaxsavingwouldbeverysmall,therewouldbeacashflowbenefit.(ii)TethysLtd–Useoftradingloss–ThetwocompanieswillnotbeinagroupreliefgroupasSaturnLtdwillnotown75%ofTethysLtd.–Foraconsortiumtoexist,75%oftheordinarysharecapitalofTethysLtdmustbeheldbycompanieswhicheachholdatleast5%.Accordingly,TethysLtdwillbeaconsortiumcompanyifthebalanceofitssharecapitalisownedbyClanger
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