W Ltd had trade profits of ?290,500 for the year ended 31 March 2013.
Question：The company received a dividend of £9,000 on 1 November 2012.
The corporation tax payable by W Ltd for the year ended 31 March 2013 is:
A. £69,720
B. £58,124
C. £58,100
D. £57,312
The correct answer is: £58,124.
解析：Dividend is grossed up.
£9,000 x 100/90 = £10,000
Therefore, augmented profits are £300,500.
Hence, corporation tax at 24% less marginal relief applies.
£290,500 x 24% = £69,720
less: marginal relief
1/100(£1,500,000 - £300,500) x £290,500/£300,500 = £11,596
Therefore corporation tax = £69,720 - £11,596 = £58,124.
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