SCHEDULE 5 Relief for Contributions to Flood and Coastal Erosion Risk Management Projects
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 5 Relief for Contributions to Flood and Coastal Erosion Risk Management Projects

Section 35

Income tax: trade profits

1

In Chapter 5 of Part 2 of ITTOIA 2005 (trade profits: rules allowing deductions), after section 86 insert—

“Contributions to flood and coastal erosion risk management projects
86A Contributions to flood and coastal erosion risk management projects

(1)     This section applies if—

(a)     a person carrying on a trade (“the contributorâ€) incurs expenses in making a qualifying contribution to a qualifying flood or coastal erosion risk management project, and

(b)     a deduction would not otherwise be allowable for the expenses in calculating the profits of the trade.

(2)     In determining whether the condition in subsection (1)(b) is satisfied, a deduction giving effect to a capital allowance is to be disregarded.

(3)     In calculating the profits of the trade, a deduction is allowed under this section for the expenses.

(4)     But if, in connection with the making of the contribution, the contributor or a connected person—

(a)     receives a disqualifying benefit, or

(b)     is entitled to receive such a benefit,

no deduction is allowed.

(5)     For the purposes of subsection (4) it does not matter whether

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