(1). Axe Ltd owns 90% of the ordinary share capital of Bat Ltd. Bat Ltd in turn owns 70% of the ordinary share capital of Club Ltd. Club owns 100% of the ordinary share capital of Dense Ltd and 80% of the ordinary share capital of Edgy Ltd.
Along with Bat Ltd, which companies form a chargeable gains group with Axe Ltd?
A Club Ltd only
B Club Ltd and Dense Ltd only
C Club Ltd, Dense Ltd and Edgy Ltd
D No other companies
(2). Green Ltd owns 100% of the ordinary share capital of Blue ltd. For the year ended 31 March 2021, Green Ltd had taxable total profits of £132,000. For the nine-month period ended 31 December 2020, Blue Ltd had a trading loss of £84,000.
How much of Blue Ltd’s trading loss can Green Ltd claim against its taxable total profits for the year ended 31 March 2021?
(3). Which of the following cannot be surrendered as part of a current year group relief claim?
A Unrelieved qualifying charitable donations
B Trading losses
C Unrelieved property business losses
D Capital losses
(4). Soup Ltd owns 100% of the ordinary share capital of several loss making companies. The results of Soup Ltd for the year ended 31 March 2021 are:
|Property business income||55,200|
|Loan interest receivable||2,900|
|Qualifying charitable donations||(2,000)|
The loan interest receivable is in respect of a loan which was made for non-trading purposes.
What is the maximum amount of group relief which can be claimed by Soup Ltd for the year ended 31 March 2021?
(5). Cat Ltd owns 100% of the ordinary share capital of Mouse Ltd. Both companies prepare accounts to 31 December. On 10 June 2020, Mouse Ltd sold an office building, and this resulted in a chargeable gain. On 20 November 2020, Cat Ltd sold a factory and this resulted in a capital loss.
By what date must Cat Ltd and Mouse Ltd make an election if they want their respective capital loss and chargeable gain to be matched?
A 31 December 2022
B 10 June 2022
C 20 November 2022
D 31 December 2020