Section 1177 “Subsidised expenditure”

(1)

For the purposes of this Part a company's expenditure is treated as subsidised to the extent that—

(a)

a grant or subsidy is obtained in respect of the expenditure, or

(b)

it is otherwise met directly or indirectly by a person other than the company.

(2)

For the purposes of this a grant, subsidy or payment that is not allocated to particular expenditure is to be allocated to expenditure of the recipient on a just and reasonable basis.

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