Paragraph 6

(1)

Section 269ZD (restriction on deductions from total profits) is amended as follows.

(2)

In subsection (2)—

(a)

in paragraph (b)—

(i)

at the end of sub-paragraph (i) insert “ and ”, and

(ii)

omit sub-paragraph (iii) and the “and” immediately before it, and

(b)

in the second sentence omit “and section 269ZE”.

(3)

In subsection (4)(a) after “period” insert “ (see section 269ZFA) ”.

(4)

Omit subsection (5).

(5)

For subsection (7) substitute—

“(7)
Subsection (2) does not apply in relation to a company for an accounting period where the amount given by paragraph (1) of step 1 in section 269ZF(3) is not greater than nil.”