Commentaries

Tax Memo


 CHAPTER 7   Computation 


 SECTION 1   Basic computation 

1250
Once the amount of chargeable income or allowable loss for each source has been calculated for the accounting period, it is necessary to pull all the figures together to arrive at the profit chargeable to corporation tax (PCTCT). This calculation is known as the tax computation.
 
1252
In the tax computation, all taxable profits are aggregated and any allowable deductions made. Any amounts paid or received under deduction of tax are included in the computation gross. Any non-taxable items, for example dividends from other companies, are left out of the compu...

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