Paragraph 457

United Kingdom

(1)

Amend section 41 (relief for preliminary expenditure) as follows.

(2)

In subsection (1)—

(a)

for “tax purposes”, in the first place where it occurs, substitute “ the purposes of corporation tax ”,

(b)

for “a person” substitute “ a company within the charge to corporation tax ”,

(c)

for “that person” substitute “ the company ”,

(d)

for “him” substitute “ it ”, and

(e)

after “section 40D above” insert “ or section 143 of ITTOIA 2005 ”.

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

In subsection (7)—

(a)

after “this section” insert “ or section 137 of ITTOIA 2005 (corresponding income tax provision) ”, and

(b)

for “tax purposes” substitute “ the purposes of corporation tax ”.

Annotations

F1: Sch. 1 para. 457(3) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1