Management Expenses
Article ID
ias-5568
Article Name
Management Expenses
Created Date
29th February 2008
Product
IRIS Business Tax
Problem
How can management expenses be utilised?
Resolution
Management expenses can be utilised against the total profits of the company:
– These expenses are to be entered into box 24 of the CT600 (S75 (3) ICTA 1988 and S242 ICTA 1988).
Excess management expenses are to be carried forward and treated as management expenses of the next accounting period:
– The excess management expenses are to be entered into box 137 of the CT600.
(S75 (3) ICTA 1988 and S242 ICTA 1988).
Excess management expenses can be surrendered and claimed as group relief:
– This information should be entered on the CT600C (S403 (1) and (3) ICTA 1988, S403ZD (4) ICTA 1988 and S403ZE ICTA 1988).
– The amount that can be surrendered is restricted to the excess of charges + Sch. A losses + management expenses over the total profits of the company. This does not include management expenses brought forward from another accounting period under ICTA88/S75 (3).
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