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It is important that Paper F6 (UK) candidates know the group relationship that must exist for reliefs to be available. Working through the examples in this article will prepare you for group-related questions in the exam

This article is relevant to those of you taking Paper F6 (UK) in either the June or December 2013 sittings, and is based on tax legislation as it applies to the tax year 2012–13 (Finance Act 2012).

Groups may be examined as part of Question 2, or they could be examined in Questions 4 or 5.

Associated companies A question may require you to identify the number of associated companies in a group, or it may tell you how many associated companies there are and then ask you to justify this number. When answering this type of question make sure you explain why companies are both included and excluded.

The lower and upper corporation tax limits are divided by the number of associated companies, thus affecting the rate of corporation tax. Do not forget to include the parent company in the number of associated companies.

Example 1 Music plc has the following shareholdings:

Shareholding Alto Ltd 25%

Bass Ltd

60% Cello Ltd 100%

Drum Ltd

100% Echo Inc 100%

Flute Ltd

100%

Music plc’s shareholding in Cello Ltd was disposed of on 31 December 2012, and the shareholding in Drum Ltd was acquired on 1 January 2013. The other shareholdings were all held throughout the year ended 31 March 2013.

Echo Inc is resident overseas. The other companies are all resident in the UK.

All the companies are trading companies except for Flute Ltd which is dormant.

? Alto Ltd and Flute Ltd are not associated companies as Music Ltd has a shareholding of less than 50% in Alto Ltd, and Flute Ltd is dormant.

? Bass Ltd, Cello Ltd, Drum Ltd and Echo Inc are associated companies as Music Ltd has a shareholding of over 50% in each case, and they are all trading companies

? For associated company purposes, it does not matter where a company is resident. Echo Inc is therefore included despite being resident overseas.

? Companies that are only associated for part of an accounting period, such as Cello Ltd and Drum Ltd, count as associated companies for the whole of the period.

? Including Music Ltd there are five associated companies, so Music Ltd’s lower and upper corporation tax limits are reduced to ￡60,000 (300,000/5) and ￡300,000 (1,500,000/5) respectively.

Definition of a 75% group There are two types of group relationship:

? The 75% group relationship that is necessary to claim group relief.

? The 75% group relationship that is necessary for chargeable gains purposes.

The definition of a 75% subsidiary company for chargeable gains purposes is looser than that for group relief purposes. This is because the required 75% shareholding need only be met at each level in the group structure.

Example 2 Fruit Ltd is the parent company for a group of companies. The group structure is as follows:

Fruit | 100% | Apple Ltd | 80% | Banana Ltd | 80% | Cherry Ltd

For the year ended 31 March 2013 Fruit Ltd has an unrelieved trading loss.

Group relief

? For group relief purposes, one company must be a 75% subsidiary of the other, or both companies must be 75% subsidiaries of a third company.

? The parent company must have an effective interest of at least 75% of the subsidiary’s ordinary share capital.

? The parent company must also have the right to receive at least 75% of the subsidiary’s distributable profits and net assets on a winding up.

? Fruit Ltd will therefore be able to group relief its trading loss to Apple Ltd and Banana Ltd.

? Fruit Ltd does not have the required 75% shareholding in Cherry Ltd (100% x 80% x 80% = 64%).

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