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Sir, how do we treat interest receivable on a loan made for non-trading purpose in the CGT computation? I can’t seem to grasp this. Thanks in advance.
Intrest recieveable is included as it is in the performa but if you are going to deal with intrest recieved , make a T account of income , b/d acrrued c/d accrued and intrest recieved .. balancing figure will be the amount you have to include in the performa
I think you must be referring to the Corporation Tax computation NOT the CGT computation and we simply apply the accruals basis that you should know from your accounting studies and include the receivable figure rather than the received amount.
This should be the amount received plus the closing accrual less the opening accrual
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