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Candy
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Dear tutor,
Please confirm do we exclude dividends from all UK and overseas companies (Just any dividends at all) or just from its own subsidiary companies to calculate the TTP?
Many thanks
Tax Tutor
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Dividends are exempt corporation tax so we never include in TTP, however dividends from non subsidiary companies are added to TTP to give augmented profit which is then compared with the profit limit of the company to see whether it may be required to make quarterly instalment payments – see OT course notes p.105
Candy
Tax Tutor
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