SCHEDULES

SCHEDULE 11Extension of ring fence expenditure supplement

Amendments of Chapter 5 of Part 8 of CTA 2010

4

1

Section 311 (limit on number of accounting periods for which supplement may be claimed) is amended as follows.

2

In subsection (1) for “6” substitute “ 10 ”.

3

After subsection (1) insert—

1A

In this Chapter—

  • “the initial 6 periods” means the first 6 accounting periods (in chronological order) for which the company claims supplement under this Chapter;

  • “the additional 4 periods” means the 4 accounting periods after the initial 6 periods for which the company claims supplement under this Chapter.

1B

None of the additional 4 periods may be accounting periods beginning before 5 December 2013.

1C

But, where—

a

a company has an accounting period which begins before 5 December 2013 and ends on or after that date, and

b

that accounting period falls after the initial 6 accounting periods,

so much of that accounting period as falls before 5 December 2013 and so much of it as falls on or after that date are treated as separate accounting periods for the purposes of this Chapter.

4

In the heading of the section after “Limit on number” insert “ etc ”.