[F1[F2269ZFA“Relevant profits”U.K.
(1)A company’s “relevant profits” for an accounting period are—
(a)the company’s qualifying profits for the accounting period, less
(b)the company’s deductions allowance for the accounting period (see [F3section 269ZDA]).
[F4But if the allowance mentioned in paragraph (b) exceeds the profits mentioned in paragraph (a), the company’s “relevant profits” for the accounting period are nil.]
(2)A company’s “qualifying profits” for an accounting period are—
(a)the amount given by paragraph (1) of step 1 in section 269ZF(3) in determining the company’s [F5modified total profits] for the accounting period, less
(b)the amount given by paragraph (1) of step 2 in section 269ZF(3) [F6which could be relieved against] those profits for the accounting period.]]
Textual Amendments
F1Pt. 7ZA inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16
F2S. 269ZFA inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 8
F3Words in s. 269ZFA(1)(b) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(2), 42 (with Sch. 4 paras. 43-46)
F4Words in s. 269ZFA(1) inserted (retrospectively) by Finance Act 2021 (c. 26), Sch. 8 paras. 10, 19
F5Words in s. 269ZFA(2)(a) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(3)(a), 42 (with Sch. 4 paras. 43-46)
F6Words in s. 269ZFA(2)(b) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 30(3)(b), 42 (with Sch. 4 paras. 43-46)