CPOS = company purchase of own shares
If certain conditions are satisfied, then the capital route is mandatory. If any of the conditions is not satisfied, then the income route will apply.
- capital
Unquoted
For benefit of trade
Vendor are in uk
Shares held 5 yrs
Reduced shareholding by holding 75% or less of the pre-sale holdinf
Left with no more than 30%
如果购买时价格高于nominal value，用original subscription price减去cost得到capital loss.

Business Property Relief (BPR)
Apply to lifetime transfers (before AE) and transfers made on death
（得到100% relief的property）
- Unincorporated business, interest in business, partnership
- share in unquoted company
- Furnished holiday accommodations
（得到50% relief的）
- Shares controlling > 50% of voting rights on listed company
- Land, building, machinery, plant owned by transferor and used in business they were a partner in or controlUnincorporated business, interest in business, partnership
转让前五年里transferor要拥有至少2年，可以加上为了购置这个BP所转让的以前的property的拥有时间，过世spouse拥有的时间。假如去世的owner符合条件，默认继任也符合。

Roll-over Relief
Defer payment of tax on gains, available to both sole traders, partners and companies.
符合的business assets包括：
- Land, building, plant and machine (for trade)
- Goodwill (sole trader and partnership only)
新资产必须在claim的前一年或之后的三年里购置。
Relief的总额由disposal减去base cost。假如proceed超过了reinvestment，超过的部分会immediately chargeable，并在RoR的总额中扣除。
Base cost是cost of new asset减去RoR。
Relief is only available on the business element of gain.

Gift Relief for business assets
Claim made by donor for the gain arising on a gift of a business asset to be deferred until the recipient of the donee disposed of the asset at a later date.
符合条件的business asset有：
- Assets used in business carried on by donor or by donor's personal company
- shares in unquoted companies or donor's personal company
Personal company指拥有至少5%的shares，或者是voting right，然后在这家公司工作，应该employee或者officer都可以。这个定义在ER中也适用。解释这个relief时可能不用解释是否qualify但在解释ER时要说。
No gain arising for donor if relief applies.
Donee的deemed cost of acquisition是gift当天的mv，如果有relief的话，则减去donor所获得的gain的值。
假如donee在获得asset时付给donor 相应的金额，那么any excess over consideration over the base cost of asset is immediately chargeable，并且会从donor的gain中减去得到relief的值。
如果personal company中有chargeable non-business asset（例如在其他公司的share），relief的总额为gain x (mv of chargeable business asset / mv of chargeable asset)
小备注：stocks, debtors and cash都不是chargeable assets，不是的还有车，wasting chattels（不包括p&m）以及成本和售价都低于6000的non-wasting。

Incorporation Relief
A sole trader may incorporate his business by transferring it to a company in exchange for shares. This relief allow traders to defer the gains against the value of the shares he received from company to incorporation. 即在转让自己的business后获得的share的relief。
公司必须在going concern的基础上进行转让，所有的资产都必须转让给公司。
如果转让所得不只有share，例如还获得cash，那么relief = net gains x (value of shares received / value of total consideration received)。
Base cost of shares等于所获得的shares在转让当天的mv，减去获得的的relief。

Entrepreneurs' Relief
允许将CGT的税率减到10%，on a limited number of disposals for individuals, individuals, individuals!!!!!
符合条件的disposal有：
- 部分或全部的unincorporated business
- Assets of unincorporated business following the cessation of business
- shares in individuals' personal company
- Assets owned by individuals but used by his personal company or trading partnerships
在出售时，至少要拥有这项business property一年。
计算时，先net off所有的有关于disposal的gains and losses，减去AE（先减无法eligible for ER的那部分）然后apply ER。每个人在lifetime里最多只能用10 million。
Individual至少要卖掉5%的pre-disposal shareholding，别切退出这个business的经营。如果property试按照mv的价格被租给公司或者partnership，则not eligible for ER，必须要rent free才能claim到全额，如果之前曾经收取过租金，则要扣除相应值。
ER can not be claimed in respect of goodwill transferred on the incorporation of a business.

Close company
Control by最多5个participators.
455，当公司make a loan to participators时，公司应该在AP结束后的9个月多1天（即normal due date）交25%的penalty tax。得到还款后，也是在相应的日期得到refund。如果loan被write off，总额将作为participator得到的deemed dividend，注意要gross up amount。并且在相应的日期得到最终的refund。
Penalty tax could be excluded if：
- 总额少于15,000
- borrower works full-time for close company
- borrower没有拥有material interest in company（>5%）
Benefit for participators
如果是员工，则有taxable employment benefit，公司要支付Class 1a，claim CT deduction。
如果不是员工，则否视为deemed dividend。
当一个participator拥有超过5%的share，或者work full time in the management of close company，当他们贷款来buy shares或者make a loan to close company，他们向银行支付的利息可以从total income中扣除来得到net income。

Loan relationships
Trading purpose:
to acquire p&m, stock. debits-interest payable, credits- receivable
NTLR
to acquire subsidiary, an investment property
Interest receivable is taxed as a NTLR, profit和loss也是。而payable is deductible for CT purpose。Dividend无论付出还是收到都exempt from CT。
当公司dispose share时可以考虑SSE（substantial shareholdings exemption），条件是在dispose拥有至少10%的shares或者之前的两年里，有连续12个月拥有10%。apply后no gain or loss arise。

Corporation tax loss relief的表格看w6课件。
以及。没有open year loss relief !!!!!!

——CT的部分。
Research and development expenditure
分为两类：
- Revenue (ie.wages, material, software and training costs)
- Capital (ie. machinery, building)
1. 在Capital的部分：
FYA是100%
2. 在Revenue的部分：
- SME
可以claim an additional 130% deduction from trading profits。SME的surrenderable loss是lower of：230%或者这个AP中的trading profit after any relief。最后R&D tax credit是14.5% of the surrenderable loss。
Trading profit x
Less: 230% (x)
=Trading loss
Less: s.37 possible claim x
= Adjusted trading profit
这之后available loss to carry forward will be reduced by this loss amount
- Large
在16.4.1之前，可以claim 30% deduction，或选择使用'above the line' (ATL) credit，credit=11% R&D expenditure，在计算TTP时先加进去，最后算出CT payable后再减去相同的值。但从4.1开始，ATL become mandatory and replace R&D relief。

Group Relief
75% subsidiary of another，或者一起是75% of 第三家公司。Non-UK companies are excluded。但它可以link其他的UK company。EU的话有可能被允许，只要没有在本国家享受其他的relief。
Surrenderable loss for current year包括trading loss, NTLR deficits, excess management expenses, property losses和qualifying charitable donations。如果有b/f的loss是not available for surrender的!!!!!!。然后能够relief的总额受corresponding period限制，要乘以月份。
PE (permanent establishment)，英国公司的海外PE的loss可以claim group relief。
Chargeable gains group只需要51%，但每个公司只能be a part of one chargeable gain group。在同一个group中的公司之间的asset transfer依据nil gain/nil loss的原则进行。An election can be made to reallocate a chargeable gain or an allowable loss to another group comany，只要双方都同意（joint election）
假如在transfer的六年内有公司leave the group，会产生degrouping charge，用tansfer date的mv减去orignal cost和indexation allowance。但是degrouping chage可以因为SSE（substantial shareholding exemption）而减免，只要符合条件。

Consortium Relief
2 or more companies （每家>5%）共同owns至少75%另一家公司。且没有一家公司拥有75%的shares。
当consortium conpamy makes a loss的时候，最大可以surrender的数额是lower of : % x consortium company's loss或者member的profit。反之也是，总之要乘以百分比的都是consortium company自己的p或者l，member是全额。
当GR和CR interact，GR claim takes precedence over any CR.
Consortium relief can also be surrendered via a link company。

Company migration
公司resident in UK的话，liable to UK CT on its worldwide profits。resident指Incorporate in uk或者central management and control in UK (board meeting held)。Non-uk公司需要按照CT交它们the trade carried on in uk through a PE，全部按照mainrate=20%。
1.如果是incorporated，不能migration
2.incorporate overseas的公司，shift management和control overseas = migration（deemed cessation of trade），deemed disposal of all chargeable assets at MV (exit charge), except those assets which continue to be used in UK PE.
3.如果是partent in uk但subsidiary migration的话，可以make a joint election，defer net gains until subsidiary sell assets < 6 yrs（Net gain deferred x Gain at date of migration on asset sold / gross gains at migration，记住ignore loss），或者parent migration，或者no longer 75% subsidiary。Deferred gains become chargeable on parent。

Establishing an oversea business
（看seminar 6的答案）
PE taxed at trading profits unless election made to exempt profits from UK CT
Subsidiary的profit被视作dividend received, exempt from CT
一旦PE的election to exempt is claimed，将适用于该公司所有的PE，且irrevocable。所有的capital gains或者relief都不再eligible。
Double taxation Relief (DTR)
tax credit equal to the lower of UK tax 或者 overseas tax on overseas income。