Section 1042G Percentage of qualifying expenditure translated into creditF1

United Kingdom

(1)

The relevant percentage for the purposes of section 1042B (5) is—

(a)

49%, in the case of a ring fence trade within the meaning given by section 277 of CTA 2010, or

(b)

20%, in any other case.

(2)

The Treasury may by regulations replace the percentage for the time being specified in subsection (1)(a) or (b) with a different percentage.

Annotations

F1: Pt. 13 Ch. 1A inserted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance Act 2024 (c. 3), Sch. 1 paras. 5, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2

F1: Words in Pt. 13 heading omitted (with effect in relation to accounting periods beginning on or after 1.4.2024) by virtue of Finance Act 2024 (c. 3), Sch. 1 paras. 3, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2