Non-trading purpose interest in corporate tax

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December 1, 2012 at 2:16 am #55998
acctyoung
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Hi,
I’m wondering, is non trading purpose bank interest and loan interest taxable in corporate tax computation? If not taxable… Could you pls tell me why is it taxable in Q42 Jogger ltd BPP? Both the non trading purpose bank and loan interest are taxble in this question of part a… Pls!!!! Thank you so much!
December 1, 2012 at 9:47 am #109331
acctyoung
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Why is the tutor not answering my question? Confused…
December 3, 2012 at 9:36 am #109332
Tax Tutor
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Interest receivable is chargeable to corporation tax and you will see it in most corporation tax computations as a separate source of taxable income – see OT Course Notes chapter 12 page 75 for proforma computation and page 77 for specific note on interest
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