ONESOURCE Corporate Tax for Investment Trusts is used to calculate distributable income for the interim distribution period and the full accounts period, whilst simultaneously providing full tax accounts for both periods.
The software enables an investment trust to prepare and submit approval as an investment trust in accordance with the provisions of Section 842 Income and Corporation Taxes Act 1988 .Using the data entered into the computation, it incorporates eligible investment income, payment on account estimates and monitoring, shadow Advanced Corporation Tax schedules, capital allowance calculations, eligible rental income calculations and onshore pooling calculations.
Calculation of the tax charge for the accounts using comprehensive deferred tax schedules
Tracking of prior year adjustments to the tax charge and other adjustments made after finalisation of the tax account balances
Interim distribution periods that support full tax charge and distributable income calculations
Automatic handling of foreign tax, including recoverable amounts, and calculation of double tax relief