Paragraph 9

United Kingdom

(1)

If—

(a)

a qualifying company incurs qualifying pre-commencement expenditure in respect of a ring fence trade, and

(b)

the expenditure is incurred before the commencement period,

the company may claim supplement under this Part of this Schedule (“pre-commencement supplement”) in respect of one or more pre-commencement periods.

(2)

Any pre-commencement supplement allowed on a claim in respect of a pre-commencement period is to be treated as expenditure—

(a)

which is incurred by the company in the commencement period, and

(b)

which is allowable as a deduction in calculating the profits of the ring fence trade for that period.

(3)

The amount of the supplement for any pre-commencement period in respect of which a claim under this paragraph is made is the relevant percentage for that period of the reference amount for that period.

(4)

If the pre-commencement period is a period of less than twelve months, the amount of the supplement for the period (apart from this sub-paragraph) is to be reduced proportionally.

(5)

Paragraphs 10 to 13 have effect for the purpose of determining the reference amount for a pre-commencement period.

Notes on Schedule 19C

Textual amendments

F1: Sch. 19C repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 143, Sch. 3 Pt. 1 (with Sch. 2)
F2: Sch. 19C inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 154(11), Sch. 19