Finance Act, 1986
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Amendment of section 155 (interpretation) of Corporation Tax Act, 1976. |
57.—(1) Section 155 of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (10): | |
“(10) References in the Corporation Tax Acts to— | ||
(a) profits brought into charge to corporation tax are references to the amount of those profits chargeable to corporation tax before any deduction therefrom for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description, | ||
(b) total income brought into charge to corporation tax are references to the amount, calculated before any such deduction as is mentioned in paragraph (a), of the total income from all sources included in any profits brought into charge to corporation tax, and | ||
(c) an amount of profits on which corporation tax falls finally to be borne are references to the amount of those profits after making all deductions and giving all reliefs that for the purposes of corporation tax are made or given from or against those profits, including deductions and reliefs which under any provision are treated as reducing them for those purposes.”. | ||
(2) This section shall have effect as respects— | ||
(a) accounting periods ending on or after the 4th day of April, 1986, and | ||
(b) any other accounting period in relation only to any claim for relief from corporation tax under section 58 of the Corporation Tax Act, 1976 , or section 41 of the Finance Act, 1980 , which is made on or after that date. |