Restrictions on deductions from profits
6(1)Section 269ZD (restriction on deductions from total profits) is amended as follows.
(2)In subsection (2)—
(a)in paragraph (b)—
(i)at the end of sub-paragraph (i) insert “and”, and
(ii)omit sub-paragraph (iii) and the “and” immediately before it, and
(b)in the second sentence omit “and section 269ZE”.
(3)In subsection (4)(a) after “period” insert “(see section 269ZFA)”.
(4)Omit subsection (5).
(5)For subsection (7) substitute—
“(7)Subsection (2) does not apply in relation to a company for an accounting period where the amount given by paragraph (1) of step 1 in section 269ZF(3) is not greater than nil.”