Finance Act, 1996
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Amendment of section 56 (relief for gifts to The Enterprise Trust Ltd.) of Finance Act, 1992. |
56.— Section 56 (as amended by section 51 of the Finance Act, 1994 ) of the Finance Act, 1992 , is hereby amended— | |
(a) by the substitution in paragraph (a) of subsection (2) of “31st day of December, 1997,” for “31st day of December, 1996,”, and | ||
(b) by the substitution for subsection (3) of the following subsection: | ||
“(3) Subject to subsection (2), where a company (hereafter in this subsection referred to as the ‘donor’) 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 donor, or | ||
(b) an expense of management deductible in computing the total profits of the donor, | ||
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 donor 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.”. |