Section 371KD What is “the threshold amount”?F1
(1)
The threshold amount for a CFC's accounting period is—
(a)
10% of the CFC's accounting profits for the accounting period, or
(b)
if more, £50,000.
(2)
If the accounting period is less than 12 months, the amount specified in subsection (1)(b) is to be reduced proportionately.
(3)
In this Chapter references to a CFC's accounting profits for an accounting period are to be read ignoring section 371VD(7) and (8).
Annotations
Textual amendments
- F1
Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)
Notes on Chapter 11
Modifications
- C1
Pt. 9A Chs. 11-14 applied (with modifications) by 2009 c. 4, s. 18I-18ID (as substituted (with effect in accordance with Sch. 20 para. 55(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 20 para. 6)