Computation of Taxable Profits	                        £       £



Profit per accounts for the accounting

period ending in the fiscal year prior

to the year of assessment		                        X



Add: Disallowable expenses included in accounts		        X



Less:

Business asset depreciation calculated

according to tax rules (wear and tear)	                        X



Balancing charges/(allowances) on

disposal of business assets	                       X



Income included in accounts not subject 

to Gibraltar Taxation	                               X

                                                      ---

		                                               (X)

                                                               ---

Profits subject to Corporation Tax		                P



Taxation Payable = 35% x P		                        X



Less: Concessionary Double Taxation Relief       	       (X)



Taxation withheld on interest and dividends

received from other Gibraltar resident companies	       (X)

                                                               ---

Net Tax Payable		                                        X