s419 Rebate

jilt
jilt Registered Posts: 2,903
Can I write to claim a rebate of s419 tax for client or do I have to wait until the next CT600 is filed and complete the supplementary pages. The loan was repaid in years ending July 2009 and July 2010 but no rebate claimed as yet. Sorry if it's a basic question, I'm having trouble getting my head round the relevant dates :confused: It is Friday afternoon after all!

Comments

  • Dean
    Dean Registered Posts: 646
    jilt wrote: »
    Can I write to claim a rebate of s419 tax for client or do I have to wait until the next CT600 is filed and complete the supplementary pages. The loan was repaid in years ending July 2009 and July 2010 but no rebate claimed as yet. Sorry if it's a basic question, I'm having trouble getting my head round the relevant dates :confused: It is Friday afternoon after all!

    Participators tax that was due in the 2008 accounts would have been paid (or due to be paid) by April 2009.

    The proportion of loan that was repaid during July 2009 could have been repaid on April 2010 and the proportion that was repaid during July 2010 could have been repaid on April 2011.

    If it has now been totally repaid then I would just write to the tax office and as for the full repayment provided now claims have been made in the past. Although I would ask for the s455 tax back :001_tt2:

    Regards

    Dean
  • jilt
    jilt Registered Posts: 2,903
    Dean wrote: »

    If it has now been totally repaid then I would just write to the tax office and as for the full repayment provided now claims have been made in the past. Although I would ask for the s455 tax back :001_tt2:

    Thanks Dean. The last loan was made in year ended July 2008 so the loans were within s419 as s455 and s458 came in from 01.04.10.

    HMRCs directors' loan account toolkit states "Where tax has been paid in earlier years under S419 Income and Corporation Taxes Act 1988 any relief due should be claimed under S419(4)"

    It is Friday afternoon I know but please tell me I've got that bit right.
  • Dean
    Dean Registered Posts: 646
    jilt wrote: »
    Thanks Dean. The last loan was made in year ended July 2008 so the loans were within s419 as s455 and s458 came in from 01.04.10.

    HMRCs directors' loan account toolkit states "Where tax has been paid in earlier years under S419 Income and Corporation Taxes Act 1988 any relief due should be claimed under S419(4)"

    It is Friday afternoon I know but please tell me I've got that bit right.

    My little smiley is a tongue in cheek comment really. I personally don't care too much for; section numbers this, sub-section that! At the end of the day its - you say potato, I say potatoe.

    Though for clarity you are correct.

    Regards

    Dean
  • jilt
    jilt Registered Posts: 2,903
    Thanks Dean, have a great weekend :001_smile:
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