Section 1253A Contributions to flood and coastal erosion risk management projects: refunds etcF1

(1)

This section applies if—

(a)

a deduction has been made under section 1219 by virtue of section 1244A (contributions to flood and coastal erosion risk management projects: expenses of management), and

(b)

the contributor or a connected person receives—

(i)

a refund of any part of the contribution, if the contribution is a sum of money, or

(ii)

compensation for any part of the contribution, if the contribution is the provision of services,

in money or money's worth.

(2)

The contributor is to be treated as receiving, when the refund or compensation is received, an amount—

(a)

which is equal to so much of the refund or compensation, or so much of the value of the refund or compensation, as is not otherwise taken into account for corporation tax purposes, and

(b)

to which the charge to corporation tax on income applies.

Annotations

Textual amendments

F1: S. 1253A inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 5 para. 7