# Finance Act 1989, Section 97: Set-off of ACT where companies remain in the same group.

Extent: E+W+S+N.I.

(1) In section 240 of the Taxes Act 1988 (set-off of company’s ACT against subsidiary’s liability to corporation tax) at the end of subsection (5)(set-off not to be made against subsidiary’s liability to corporation tax for any accounting period in which, or in any part of which, it was not a subsidiary of the surrendering company) there shall be added the words “unless throughout that period or part both companies were subsidiaries of a third company”.
(2) This section shall have effect in relation to accounting periods ending on or after 14th March 1989.

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Source: https://www.legislation.gov.uk/ukpga/1989/26/section/97 (the official version)
Page: https://openlegislation.uk/finance-act-1989/section-97
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.