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Tax Calculation...Help please!!

  • 21-02-2012 1:10pm
    #1
    aka accounts 2010
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭


    Hi guys,

    I have a parent company with a Case V profit of €50,000, and a gain on sale of investment of €300,000 (gain realised in Nov 2011).

    The subsidiary, a trading company has Case I losses of €230,000 for 2010.

    Whats my best option in calculating the CT for the Parent?

    Thanks in advance!!


Comments

  • #2
    ants09
    Registered Users, Registered Users 2 Posts: 715 ✭✭✭ants09


    Are you looking to take advantage off the subs case 1 loss for the parents CT return ?

    If so good luck as my advice is go and pay a tax advisor for advice or your accountant !

    Also is there a group structure for revenue purposes do you know ?


  • #3
    Sean Bateman
    Banned (with Prison Access) Posts: 858 ✭✭✭Sean Bateman


    Is TradeCo a 100% subsidiary of HoldCo?

    Presumably both companies are Irish tax resident?

    Do both companies have December year ends?

    You state that the gain arose during November 2011 - Did the Case V profit also arise during 2011?

    If HoldCo's Case V profit and capital gain arose during 2011 and TradeCo's Case I loss arose during 2010, there's no scope for group relief as the Case I loss carried forward at 31 December 2010 can only be offset against any future Case I profits arising to TradeCo from the same trade.


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