SolvedCOM23030 | Assessing: CTSA assessments: company type
From HM Revenue & Customs · COTAX Manual
This subject is presented as follows.
Background
When a company completes a CT600 return form, it can indicate the company type if it falls into one of the categories in the table below. If none of those categories is relevant, the company does not make an entry for company type.
| Type | Description | Abbreviation |
|---|---|---|
| 1 | Unit trust or open-ended investment company. | UT & OEIC |
| 2 | Close investment-holding company. | CIC |
| 3 | Company in liquidation which is chargeable at the main rate following the first period after liquidation. | LIQUIDATION |
| 4 | Qualifying Asset Holding Company. | QAHC |
| 5 | Insurance. | INSURANCE |
| 6 | Members’ club or voluntary association. | CVA |
| 7 | Property management company. | PMC |
| 8 | Charity or company owned by a charity. | CHARITY |
| 9 | Real estate investment trust - residual. | REIT RESIDUAL |
| 10 | Real estate investment trust - tax exempt. | REIT TAX EXEMPT |
| 11 | Non-resident companies who are not in scope for Marginal Relief (MR) or Small Profits Rate (SPR) | NON RESIDENT |
| 0 | Cases which do not fit into any of the category types listed above. | Blank |
Display of company type
The type of company is displayed in functions:
RAMA (Record / Amend Assessment) on screen COT121F
DASS (Display Assessment) on screen COT206M
RRAS (Request Reissue of Assessment) on screen COT123M
If there was no entry on the CT600 return form, or in the case of function RAMA, if the return has not yet been received, the field is empty. Where there is an entry, it is either the company type shown on the return form or entered or amended in function MAPS (Maintain AP signals).
Function RAMA uses the company type to validate the rates of tax used in the assessment where appropriate but allows you to overwrite those rates if required.
See: