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Regulation 58 How tax is charged under this Chapter: corporation tax

Original text. Later amendments are not shown.

(1)

This regulation applies in the case of a participant chargeable to corporation tax.

(2)

The following amounts must be calculated—

(a)

the difference in value calculated by reference to each chargeable measuring date falling within an accounting period; and

(b)

the aggregate amount of those differences in value.

(3)

If the aggregate amount is a positive amount, the participant is charged to corporation tax under Case VI of Schedule D on that aggregate amount for that accounting period.

(4)

If the aggregate amount is a negative amount, the participant is treated as if a loss of that aggregate amount had been incurred by the participant in a transaction in respect of which the participant were within the charge to corporation tax under Case VI of Schedule D.