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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999

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Set-off of unrelieved surplus ACT against liability to corporation tax

14.—(1) Subject to paragraphs (2) to (4), a company’s unrelieved surplus ACT shall be set against its liability to corporation tax on any profits charged to corporation tax for an accounting period beginning on or after 6th April 1999, and shall accordingly discharge a corresponding amount of that liability.

(2) Unrelieved surplus ACT shall not be set against a company’s liability to corporation tax for an accounting period under paragraph (1) to the extent that it can be set against the company’s liability to corporation tax for an earlier accounting period.

(3) Where section 116(2)(1) applies in relation to a company which is a member of a partnership, no unrelieved surplus advance corporation tax may be set against its liability to corporation tax on its share in the profits of the relevant accounting period of the partnership.

(4) The amount of unrelieved surplus ACT to be set against a company’s liability for an accounting period under paragraph (1) shall not exceed the amount calculated in accordance with the formula–

A - B

where–

  • A is the amount of the company’s capacity to utilise unrelieved surplus ACT calculated in accordance with regulation 12, and

  • B is the amount of any shadow ACT attributed to that period in accordance with regulations 12 and 13.

(5) References to “the relevant accounting period” in paragraph (3) shall be construed in accordance with section 116(3).

(1)

Section 116(2) was amended by paragraph 10 of Schedule 3, and Part III(2) of Schedule 27, to the Finance Act 1998.

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