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Finance Act 2020

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This is the original version (as it was originally enacted).

Restriction on deduction from chargeable gains: main provisions

5In section 269ZF (relevant profits), after subsection (2) insert—

“(2A)A company’s “relevant chargeable gains” for an accounting period are—

(a)the company’s qualifying chargeable gains for the accounting period (see subsection (3)), less

(b)the company’s chargeable gains deductions allowance for the accounting period (see section 269ZBA(5)).

But if the allowance mentioned in paragraph (b) exceeds the qualifying chargeable gains mentioned in paragraph (a), the company’s “relevant chargeable gains” for the accounting period are nil.

(2B)A company’s “total relevant non-trading profits” for an accounting period are—

(a)the sum of—

(i)the company’s qualifying non-trading income profits for the period, and

(ii)the company’s qualifying chargeable gains for the period, less

(b)the company’s total non-trading profits deductions allowance for the period (see section 269ZC(3A)).”

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