Assumed Taxable Total Profits

TIOPA10/Part 9A/S371SB defines a CFC's assumed taxable total profits for an accounting period as what would be the CFC's ‘taxable total profits’ for the accounting period for corporation tax purposes applying the corporation tax assumptions.

Taxable total profits are defined at CTA10/S4(2) as ‘the profits of a company of an accounting period on which corporation tax is chargeable’.

However, TIOPA10/Part 9A/S371SB(3) provides that for establishing taxable total profits, chargeable gains should be ignored.

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