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Group Relief:
Could you please explain why in your e..g with villa when you used
£500,000 as trading profit against the £400,000 loss in V you stated current + carry back relief when only current year losses can be relieved in respect of group? I got lost on that tax saving bit.
ThanksCan you please tell me what part of the lecture on group relief you are referring to so that I can check it out for you and give you a response – thanks
Overseas companies can’t surrender or receive any loss reliefs but can gains be given to o/seas companies?
No group relief and no gains group membership but this will not be tested at F6.
At P6 the same basic rules apply but with the following exceptions:
If an overseas resident subsidiary (75%) makes a loss then it will only be available for group relief if the company is resident in the EEA AND has NO other possible uses of the loss
If an overseas resident sub operates in the UK through a branch then the branch will be eligible for group relief with any other UK group members and it will also be in the same gains group as other UK group members
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