Finance Act, 1992
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Amendment of section 41 (basis of relief from corporation tax) of Finance Act, 1980. |
54.— Section 41 (as amended by section 52 of the Finance Act, 1990 ) of the Finance Act, 1980 , is hereby amended by the substitution of the following subsection for subsection (1): | |
“(1) For the purposes of this section ‘relevant corporation tax’ means the corporation tax which, apart from— | ||
(a) this section, | ||
(b) sections 25 and 26 (as amended by section 49 of the Finance Act, 1992), and sections 58 , 101 , 152 , 162 , 182 and 184 , of the Corporation Tax Act, 1976 , and | ||
(c) section 51 of the Finance Act, 1990 , | ||
would be chargeable for the relevant accounting period exclusive of the corporation tax chargeable on the part of the company's profits attributable to chargeable gains for that period; and that part shall be taken to be the amount brought into the company's profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction 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.”. |