SCHEDULES
SCHEDULE 14Gifts to the nation
PART 3Corporation tax
14The portion treated as satisfied
1
The portion of C’s tax liability for the relevant accounting period that is to be treated as satisfied is an amount equal to the smaller of—
a
the tax reduction figure, and
b
the amount of C’s tax liability for that period less any portion of that amount that is treated as satisfied in consequence of any qualifying gift made by C on a previous occasion.
2
The amount determined under sub-paragraph (1) may be nil.
3
The tax reduction figure is—
a
20% of the value set out in the agreed terms as the agreed value of the property forming the subject of the qualifying gift, or
b
such lower figure as may be specified in the agreed terms as the tax reduction figure.
4
The Treasury may by order substitute a different percentage for the percentage specified for the time being in sub-paragraph (3)(a).