Paragraph 1

an amount of chargeable profits is apportioned to a company resident in the United Kingdom, and

the company is entitled, or would on the making of a claim be entitled, in computing its profits for the appropriate accounting period, to a deduction in respect of any relevant allowance, F1. . .

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“the appropriate accounting period” means the accounting period for which, by virtue of section 754(2), the company is F3chargeable to tax by virtue of this Chapter in respect of the chargeable profits concerned; and

“the appropriate rate” means the rate of corporation tax applicable to profits of the appropriate accounting period or, if there is more than one such rate, the average rate over the whole accounting period.

any loss to which F4section 37 or 62(1) to (3) of CTA 2010 applies;

any F5qualifying charitable donation;

any expenses of management to which F6section 1219(1) of CTA 2009 applies;

any expenses deduction under section 76(1);

so much of any allowance to which section 74 of the 1968 Act applies as falls within subsection (3) of that section; F8. . .

any amount available to the company by way of group relief; F9and

any non-trading deficit on its loan relationships.