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Modifications etc. (not altering text)
C1Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20
C2Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)
(1)In section 688, amount A is the lower of—
(a)the amount of the company's capital immediately before the change in ownership, and
(b)the highest 60 day minimum amount for the pre-change year.
(2)The highest 60 day minimum amount for the pre-change year is found as follows.
Step 1 Find the daily amounts of the company's capital over the pre-change year.
Step 2 Take the highest of the daily amounts.
Step 3 Find out whether there was in the pre-change year a period of at least 60 days in which there was no daily amount lower than the amount taken.
Step 4 If there was, the amount taken is the highest 60 day minimum amount for the pre-change year. If there was not, take the next highest of the daily amounts and repeat step 3; and so on, until the highest 60 day minimum amount for the pre-change year is found.
(3)In this section “the pre-change year” means the period of one year ending immediately before the change in ownership.