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Section 269ZFA “Relevant profits”F1F2

United Kingdom

(1)

A company’s “relevant profits” for an accounting period are—

(a)

the company’s qualifying profits for the accounting period, less

(b)

the company’s deductions allowance for the accounting period (see F3section 269ZDA).

F4But if the allowance mentioned in paragraph (b) exceeds the profits mentioned in paragraph (a), the company’s “relevant profits” for the accounting period are nil.

(2)

A company’s “qualifying profits” for an accounting period are—

(a)

the amount given by paragraph (1) of step 1 in section 269ZF(3) in determining the company’s F5modified total profits for the accounting period, less

(b)

the amount given by paragraph (1) of step 2 in section 269ZF(3) F6which could be relieved against those profits for the accounting period.

Annotations

Textual amendments

F1

Pt. 7ZA inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16

F2

S. 269ZFA inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 8

F3

Words in s. 269ZFA(1)(b) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(2), 42 (with Sch. 4 paras. 43-46)

F4

Words in s. 269ZFA(1) inserted (retrospectively) by Finance Act 2021 (c. 26), Sch. 8 paras. 10, 19

F5

Words in s. 269ZFA(2)(a) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(3)(a), 42 (with Sch. 4 paras. 43-46)

F6

Words in s. 269ZFA(2)(b) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(3)(b), 42 (with Sch. 4 paras. 43-46)

Notes on Part 7ZA

Modifications

C1

Pt. 7ZA modified (retrospective to 29.10.2018) by Finance Act 2020 (c. 14), Sch. 4 para. 46

C2

Pt. 7ZA modified by 1992 c. 12, Sch. 7A para. 6(1C) (as inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 18(4), 42 (with Sch. 4 paras. 43-46))

C3

Pt. 7ZA applied (with modifications) (with effect in accordance with Sch. 4 para. 43(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 44(4)

C4

Pt. 7ZA applied (with modifications) (with application in accordance with Sch. 4 para. 45(1)(2) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 45(4)

C5

Pt. 7ZA disapplied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 21