[1042K Amount of notional tax deduction]
Corporation Tax Act 2009 (2009 c 4) | Legislation

[Notional tax deduction]

[1042K  Amount of notional tax deduction]

[(1)     This section determines the amount of the notional tax deduction for the purposes of step 2 in section 1042I.

(2)     The amount of the deduction is the amount (if any) by which the amount remaining after step 1 in section 1042I exceeds the amount produced by deducting the notional tax charge from the initial amount of the expenditure credit (that is, its amount before the application of that step).

(3)     Subsections (4) and (5) apply if the trade concerned is not a ring fence trade.

(4)     The notional tax charge is the amount of corporation tax that would be chargeable on the initial amount

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