Corporation Tax Act 2009 (c. 4)

Part 3 U.K. Trading income

Modifications etc. (not altering text)

C1 Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)

[F1 CHAPTER 8A U.K. COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALS

Textual Amendments

F1 Ch. 8A inserted (1.3.2012) (with effect in accordance with art. 12 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 10

127E Adjustment: cessation of trading U.K.

If the farm company permanently ceases to carry on the farming trade before the end of the second consecutive accounting period following period X, step 3 in section 127D is to be replaced by the following two steps—

• Step 3

  Divide the amount deducted by virtue of step 2 by the number of accounting periods (“the remaining accounting periods”) in which, or in any part of which, the farm company carried on the farming trade, starting with period X.

• Step 4

  In calculating the profits for each of the remaining accounting periods, include the amount resulting from the division in step 3.]