Finance Act, 1984
|
Recovery of stock relief: corporation tax. |
50.—Subject to section 56 , where in an accounting period (hereafter in this section referred to as “the first-mentioned accounting period”) a company carrying on a trade in respect of which a deduction under section 49 was allowed for any accounting period— | |
(a) ceases to carry on the trade, or | ||
(b) ceases to be resident in the State, or | ||
(c) ceases to be within the charge to corporation tax under Case I of Schedule D in respect of the trade, | ||
then— | ||
(i) the company shall not be entitled to a deduction under section 49 for the first-mentioned accounting period, and | ||
(ii) there shall be treated as a trading receipt of the trade for the first-mentioned accounting period an amount equal to the aggregate of the deductions allowed to the company under section 49 in respect of the trade for preceding accounting periods ending in the period of five years which ends on the day immediately preceding the beginning of the first-mentioned accounting period. |