Section 18D The lower limit and the upper limitF1

(1)

This section gives the meaning in this Part of “the lower limit” and “the upper limit” in relation to an accounting period of a company (“C”).

(2)

If C has no associated company in the accounting period—

(a)

the lower limit is £50,000, and

(b)

the upper limit is £250,000.

(3)

If C has one or more associated companies in the accounting period—

(a)

the lower limit is—

\frac{£ 50,000}{(1 + N)}

(b)

the upper limit is—

\frac{£ 250,000}{(1 + N)}

where N is the number of those associated companies.

(4)

For an accounting period of less than 12 months the lower limit and the upper limit are proportionately reduced.

Annotations

F1: Pt. 3A inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 3

C1: Pt. 3A excluded (9.12.2021) by S.I. 2006/964, reg. 14B(3)(c) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 4(b))
C2: Pt. 3A excluded (9.12.2021) by S.I. 2006/964, reg. 14DA(3)(a) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(2))
C3: Pt. 3A applied (with effect in accordance with Sch. 1 para. 33 of the amending Act) by 2001 c. 2, s. 99(4A) (as inserted by Finance Act 2021 (c. 26), Sch. 1 para. 16(3))
C4: Pt. 3A applied (with effect in accordance with Sch. 1 para. 33 of the amending Act) by S.I. 1998/3175, reg. 2(2A) (as inserted by Finance Act 2021 (c. 26), Sch. 1 para. 13(2)(c))