(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 2024, Green Ltd had taxable total profits of £132,000. For the nine-month period ended 31 December 2023, 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 2024?
A £99,000
B £84,000
C £132,000
D £63,000
(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 2024 are:
| £ | ||
|---|---|---|
| Trading loss | (8,400) | |
| Property business income | 55,200 | |
| Loan interest receivable | 2,900 | |
| Capital loss | (11,800) | |
| 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 2024?
A £55,200
B £35,900
C £47,700
D £49,700
(5). Cat Ltd owns 100% of the ordinary share capital of Mouse Ltd. Both companies prepare accounts to 31 December. On 10 June 2023, Mouse Ltd sold an office building, and this resulted in a chargeable gain. On 20 November 2023, 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 2025
B 10 June 2025
C 20 November 2025
D 31 December 2023