Section 1162 Additional reliefF1
United Kingdom
If a company is entitled to relief under section 1161 for an accounting period it is also entitled to relief under this section for the period.
For the company to obtain the relief it must make a claim.
The relief is that the company may treat 50% of the qualifying Chapter 4 expenditure F2for the purposes of section 76 of FA 2012 as deemed BLAGAB management expenses for the accounting period.
For the purposes of this Chapter “the qualifying Chapter 4 expenditure” means—
the company's qualifying land remediation expenditure for the accounting period, less
the amount (if any) F3of the expenditure which, for the purposes of section 76 of FA 2012, is not an ordinary BLAGAB management expense of the company referable to the accounting period as a result of the application of section 77(2)(b) of that Act.
Annotations
Textual amendments
- F1
S. 1162 substituted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 13
- F2
Words in s. 1162(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 199(2)
- F3
Words in s. 1162(4)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 199(3)
Notes on Part 14
Textual amendments
- F1
Words in Pt. 14 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 2
Notes on Chapter 4
Textual amendments
- F1
Words in Pt. 14 Ch. 4 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 195
Notes on Relief ...
Textual amendments
- F1
Words in Pt. 14 Ch. 4 cross-heading omitted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 7 para. 12(8)