Finance Act, 1992
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Relief for gifts to The Enterprise Trust Ltd. |
56.—(1) In this section “the company” means the company incorporated on the 30th day of October, 1991, as The Enterprise Trust Limited. | |
(2) This section applies to a gift of money which— | ||
(a) on or after the 1st day of April, 1992, and before the 31st day of March, 1994, is made to the company and accepted by it, | ||
(b) is to be applied by the company solely for the objects set out in its memorandum of association, | ||
(c) would not, apart from subsection (3), be deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession, and | ||
(d) is not income to which the provisions of section 439 of the Income Tax Act, 1967 , apply. | ||
(3) Subject to subsection (2), where a company makes a gift to which this section applies and claims relief from tax by reference thereto, the net amount thereof shall, for the purposes of corporation tax, be treated as— | ||
(a) a deductible trading expense of a trade carried on by the company, or | ||
(b) an expense of management deductible in computing the total profits of the company, incurred by it in the accounting period in which the gift is made: | ||
Provided that in determining the net amount of the gift, the amount or value of any consideration received by the said company as a result of making the gift, whether received directly or indirectly from the company or any other person, shall be deducted from the amount of the gift. | ||
(4) A claim under this section shall be made with the return required to be delivered under section 10 of the Finance Act, 1988 , for the accounting period in which the payment is made. |