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Schedule D Case III Deficits (Loan relationships)

Article ID
ias-5563
Article Name
Schedule D Case III Deficits (Loan relationships)
Created Date
29th February 2008
Product
IRIS Business Tax
Problem
How can Schedule DIII losses be utilised?
Resolution
DIII losses may be used against any other income in that same period: – This loss is to be entered in Box 28 of the detailed CT600 (S83 (2) (A) FA 1996). DIII losses may be carried back against Sch. DIII income only for earlier accounting periods: – This is netted off with the gains in box 6 of the detailed CT600. You will also need to mark an ‘X’ in Box 7 (S82 (2) (c) FA 1996 and SCH8/PARA3 FA1996). DIII losses may be carried forward against non-trade income of the next accounting period: – The brought forward loss can be set against total profits of this accounting period excluding Sch. DI profits. This should be entered in box 20 of the detailed CT600 (S82 (2) (d) FA 1996, S83 (3) FA 1996 and SCH8/PARA4 FA1996). DIII losses may be surrendered as group relief: – This information should be entered on the CT600C (S383 (2) (b) FA 1996). – A claim for group relief cannot be made for any part of a non- trading deficit brought forward from an earlier period under S83 (3) FA 1996. Relief cannot be claimed under S83 (2) FA 1996 for any part of a non-trading deficit of a company established for charitable purposes only – S83 (5) FA 1996. To amend the utilisation of Schedule DIII losses select Data Entry | Calculation | Deductions and Reliefs – Select the Sch D III losses button next to Box 28.

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