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deferred tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › deferred tax

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • March 17, 2017 at 7:25 pm #378593
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    hi mike

    thks for ur prev help

    suppose we have deferred tax asset Dr Deferred tax asset and Cr Tax charge, and suppose now the asset has been sold and in what sense will we get tax relief and when will remove the deferred tax assset and what shall be the entries?

    March 17, 2017 at 10:53 pm #378598
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    When you sell the asset, there will be a capital allowances calculation of a balancing allowance or a balancing charge and the resultant figure works its way into the tax computation (see F6 lectures)
    Pon sale, and after the balancing allowance (or balancing charge) has been calculated, that asset and it’s associated deferred tax implications will no longer feature, neither in the TNCA figure nor in th edeferred tax calculations

    There is no specific entry – its just that the carried forward figur ein the deferred tax account no longer takes into account the deferred tax implications of the revaluation of those particular revalued assets

    OK?

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