What is the Composite Rate Option?
A person eligible to participate within the LDF must calculate their UK liability in accordance with UK law and make an appropriate disclosure to HMRC. Alternatively, a single composite rate, the Composite Rate Option (CRO), may be used to calculate the amount due. Where an election to apply the CRO is made, the calculation will be accepted by HMRC in lieu of all UK taxes otherwise due on the actual basis for the tax years of disclosure up to 5 April 2009.
Related Questions
- I have elected for the Composite Rate Option and want to utilise losses from 2000 against my 2001 gain. Is this permissible?
- I have elected for the Composite Rate Option and want to utilise losses from 1997 against my 2017 gain. Is this permissible?
- Is there a cap or a floor on RG&Es variable rate option?
