Section 259Ec | [259EC Counteraction Where The Hybrid Payer Is Within The Charge To Corporation Tax For The Payment Period] | Taxation International And Other Provisions Act 2010 C8

[259EC Counteraction where the hybrid payer is within the charge to corporation tax for the payment period]

Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[Counteraction]

[259EC Counteraction where the hybrid payer is within the charge to corporation tax for the payment period]

[(1) This section applies where the hybrid payer is within the charge to corporation tax for the payment period.

(2) For corporation tax purposes, the relevant deduction so far as it does not exceed the hybrid payer deduction/non-inclusion mismatch mentioned in section 259EA(5) (“the restricted deduction”) may not be deducted from the hybrid payer's income for the payment period unless it is deducted from dual inclusion income for that period.

(3) So much of the restricted deduction (if any) as, by virtue of subsection (2), cannot be deducted from the payer's income for the payment period—

(a) is carried forward to subsequent accounting periods of the payer, and

(b) for corporation tax purposes, may be deducted from dual inclusion income for any such period (and not from any other income), so far as it cannot be deducted under this paragraph for an earlier period.

(4) In this section “dual inclusion income”