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CTL upper limit and lower limit was also time proportionated

This topic has 1 reply, 2 voices, and was last updated 10 years ago by Tax Tutor.

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April 17, 2015 at 6:37 pm #241637
kashif
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respectfull sir i m facing problem in upper and lower limit used for CTL as i have learnd in kaplan book that it shod only be divided by the number of associate CO….
but when i was practecing kit i saw in question no 56 arable ltd that upper limit was divide by no of associate co and then also time proportionated for 9 month period…then that confused me….
April 18, 2015 at 12:02 pm #241697
Tax Tutor
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The profit limits are reduced for both short accounting periods and associated companies – see OT course notes p.108.
We time apportion where the chargeable accounting period is less than 12 months and we divide by the number of associated companies.
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