The monetary limit in the case of a chargeable period of 12 months is £100,000.

If, in the case of an individual or partnership, the chargeable period is longer or shorter than 12 months, the monetary limit is the amount given by a proportional increase or reduction of £100,000.

If, in the case of a company, the chargeable period is shorter than 12 months, the monetary limit is the amount given by a proportional reduction of £100,000.

F1If, in a chargeable period, a company has one or more associated companies, the monetary limit for that period is—

$\frac{L}{N+1}$

where—

L is the monetary limit applicable under subsection (1) or (3), and

N is the F2number of associated companies.

The rules in Part 3A of CTA 2010 (see sections 18E to 18J) which apply for determining whether a company is another company's associated company in an accounting period for the purposes of section 18D of that Act apply for the purposes of subsection (4).

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