Finance Act, 1993
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Amendment of section 10A (restriction of certain charges on income) of Corporation Tax Act, 1976. |
50.—Section 10A (inserted by section 46 of the Finance Act, 1992 ) of the Corporation Tax Act, 1976 , is hereby amended in subsection (3), as respects accounting periods ending on or after the 1st day of April, 1992— | |
(a) by the insertion in paragraph (a) immediately before “for the purposes of subsection (2)” of “for any accounting period”, and | ||
(b) by the insertion after paragraph (a) of the following paragraph: | ||
“(aa) Notwithstanding the provisions of subsection (10) (b) of section 155, in determining the income of a company, referred to in the expression ‘total income brought into charge to corporation tax’, for any accounting period for the purposes of subsection (2) of the said section 41, it shall be the sum determined by the said subsection (10) (b) for that period reduced by any charges on income paid for the purposes of the sale of goods which are allowed as a deduction against the total profits of the company for that period and paid on or after the 1st day of April, 1992.”, | ||
and the said paragraph (a), as so amended, is set out in the Table to this section. | ||
TABLE | ||
(a) Notwithstanding the provisions of subsection (3) of section 41 of the Finance Act, 1980 , in determining the income of a company, referred to in the expression “the income from the sale of those goods”, for any accounting period for the purposes of subsection (2) of the said section 41, it shall be the sum determined by subsection (3) of the said section 41 for that period reduced by any charges on income paid for the purpose of the sale of goods which are allowed as a deduction against the total profits of the company for that period and paid on or after the 1st day of April, 1992. |