The CT600I is the supplementary page to the Company Tax Return for a company with a ring fence trade: extracting oil or gas, or holding oil rights, in the UK or on the UK continental shelf. It reports the ring fence profits and works out the supplementary charge on them.
Who completes it
A company that carried on a ring fence trade in the period. The page is needed even in a year when the trade made a loss, because the loss is reported on it. Box 135 on the CT600 is ticked to say the page is attached.
What it asks for
- The supplementary charge: the ring fence profit or loss, with financing costs added back and losses and certain allowances taken off, and the charge on the result (I70). It goes to box 505 on the CT600.
- The tax net of deductions: the ring fence Corporation Tax and the supplementary charge after any deductions given in terms of tax.
- Transferred tax history: any election made and the assets acquired.
Ring fence profits are kept apart from the company’s other profits and charged to Corporation Tax at their own rates: 19% up to the lower limit and 30% above the upper limit, with marginal relief in between.
In Tax Optimiser
Complete the page under Ring Fence Trade in the Corp Tax workspace. Enter how much of the profits chargeable is ring fence, and it is charged at the ring fence rates. The CT600I is filed with the CT600.
Read more: CT600I and ring fence trades.