Finance (No. 2) Act 2008
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Amendment of section 448 (relief from corporation tax) of Principal Act. |
32.— (1) Section 448 of the Principal Act is amended— | |
(a) by substituting the following for paragraph (b) of subsection (3): | ||
“(b) then, deducting from the relevant sum— | ||
(i) the amount of any charges on income paid for the purposes of the sale of goods in the relevant accounting period, | ||
(ii) the amount of any loss from the sale of goods incurred by the company in the relevant accounting period, and | ||
(iii) the amount of any excess of charges on income paid for the purpose of the sale of goods or the amount of any loss from the sale of goods, incurred by a surrendering company and allowed under section 420A, | ||
allowed against income of the trade in the relevant accounting period.”, | ||
and | ||
(b) by substituting the following for paragraph (a) of subsection (5B) (inserted by the Finance Act 2008 ): | ||
“(a) by any amounts in respect of— | ||
(i) any charges on income paid for the purposes of the sale of goods in the relevant accounting period, | ||
(ii) any loss from the sale of goods incurred by the company in the relevant accounting period, and | ||
(iii) any excess of charges on income paid for the purpose of the sale of goods or the amount of any loss from the sale of goods, incurred by a surrendering company and allowed under section 420A, | ||
allowed against income of the trade in the relevant accounting period, and”. | ||
(2) This section has effect for accounting periods ending on or after 20 November 2008. |