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You only look back 7yrs at death to the first pet or clt. You don’t look back 7 yrs again. the NLRB is a 7yr cumulative, so you get the NLRB every 7 yrs.
Hope that helps
Hi I can tell you what I know.
A CFC is an overseas company that a UK company owns up to at least 25% of and the overseas tax rate is substantially lower than the UK corporation tax rate. It will be deemed a CFC if all the overseas company’s assets and risks are managed in the UK.
A UK company will have a CFC charge which is equal to their share of the overseas company’s profits less any overseas tax paid (just their share of the overseas tax). So if a co. owns 30% of an overseas company they will be entitled to 30% of the profits less 30% of the tax paid overseas.
However there will be no CFC charge if:
* The foreign company’s income is less than £50,000 and trade profits are less than £500,000.
* The overseas tax rate is at least 75% of the UK tax rate
* The profit margin is less than or equal to 10%
* Or the overseas company deals in investments as these companies will not be paying a low rate of tax
* I think also if the overseas company is a genuine trading company meaning if the overseas company would still continue to trade even if the UK company closed, then the overseas company would not be deemed a CFC.
Hope this helps a little. Correct me anyone if anything I said is wrong or if there is anything esle to add.
Thank you
Could I have a copy please tinaroscoe2007@yahoo.co.uk
I am working my way through the Kaplan exam kit. It has a table in the front of the book to guide you through your revision, advising which chapters to refresh on in the study text and then which questions to tackle out of the exam kit.
Can you send this to me in word please.
tinaroscoe2007@yahoo.co.ukThank you in advance