Part 3 Corporation Tax
Finance Act 2012 (2012 c 14) | Legislation

Part 3 Corporation Tax

Taxes affected

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(1)     This Part applies to a company's liability to corporation tax.

(2)     A reference in this Part to a company's “tax liability†is to the company's liability to corporation tax.

(3)     References to an amount of or on account of “tax†are to be read accordingly.

The basic rule

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(1)     If a company (“Câ€) makes a qualifying gift, a portion of C's tax liability for the relevant accounting period is to be treated as satisfied, as if C had paid that portion when it became due (or on the offer registration date, if the portion became due before that date).

(2)     “The relevant accounting period†is the accounting period of C's in which the offer registration date falls.

The portion treated as satisfied

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(1)     The portion of C's tax liability for the relevant accounting period that is to be treated as satisfied is an amount equal to the smaller of—

(a)     the tax reduction figure, and

(b)     the amount of C's tax liability for that period less any portion of that amount that is treated as satisfied in consequence of any qualifying gift made by

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