Transferring losses to another company Look-through company elections The subvention payment is made as soon as practicable, but by at the latest.A notice of the subvention payment is provided to us by (if not notified in the relevant company's income tax return).If a subvention payment is to be made for the 2021 tax year (which would normally have to be paid and notified by 31 March 2022) and you are affected by COVID-19, we'll allow it if all of the following conditions are met. An election to offset the loss is provided to us by the (if not notified in the relevant company's income tax return).The relevant companies file their income tax returns as soon as practicable, but by at the latest.The relevant companies meet the requirements to transfer losses to another company. If a loss offset election is to be made for the 2021 tax year (which would normally have to be made by 31 March 2022) and you are affected by COVID-19, we'll allow the loss offset if all of the following conditions are met. Losses and subvention payments Offsetting losses If your tax agent has applied for deferred status for your 2021 income tax return, we'll apply the same extension to the due date for any CFC or FIF disclosures required. To be eligible for this relief, the relevant income tax return must be filed. If you've been affected by COVID-19, we will not take any compliance action, or charge penalties or interest, if you file your CFC or FIF disclosure by. Generally controlled foreign companies (CFC) and foreign investment fund (FIF) disclosure forms are filed at the same time as the relevant income tax return or by the due date for that income tax return. Because our system sends automatic notifications, if you are not currently monitored and receive a letter about monitoring, please ignore this. We want to work with tax agencies to help them and their clients in whatever way we can.
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