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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 358
- Regulation 15
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Restriction on set-off of company’s unrelieved surplus ACT against subsidiary company’s liability to corporation tax
15.—(1) Subject to paragraph (2) and regulation 17, unrelieved surplus ACT consisting of ACT which a subsidiary is treated as having paid by virtue of section 240(2)(1) shall be set off against the subsidiary’s liability to corporation tax for an accounting period in accordance with regulation 14 before unrelieved surplus ACT consisting of ACT paid in respect of any distribution made by the subsidiary.
(2) No unrelieved surplus ACT consisting of ACT which a subsidiary is treated as having paid by virtue of section 240(2) shall be set against the subsidiary’s liability to corporation tax in accordance with regulation 14 for any accounting period in which, or in any part of which, it was not a subsidiary of the surrendering company, unless throughout that period or part both companies were subsidiaries of a third company.
(3) In this regulation “surrendering company” and “subsidiary” have the same meanings as in section 240.
(1)
Section 240 was amended by section 97 of the Finance Act 1989 and paragraph 1 of Schedule 25 to the Finance Act 1996, and was repealed by paragraph 13 of Schedule 3, and Part III(2) of Schedule 27, to the Finance Act 1998 in relation to accounting periods of the surrendering company referred to in section 240(1) beginning on or after 6th April 1999.
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