Finance Act, 1992

Relief for gifts to The Enterprise Trust Ltd.

56.—(1) In this section “the company” means the company incorporated on the 30th day of October, 1991, as The Enterprise Trust Limited.

(2) This section applies to a gift of money which—

(a) on or after the 1st day of April, 1992, and before the 31st day of March, 1994, is made to the company and accepted by it,

(b) is to be applied by the company solely for the objects set out in its memorandum of association,

(c) would not, apart from subsection (3), be deductible in computing for the purposes of corporation tax the profits or gains of a trade or profession, and

(d) is not income to which the provisions of section 439 of the Income Tax Act, 1967 , apply.

(3) Subject to subsection (2), where a company makes a gift to which this section applies and claims relief from tax by reference thereto, the net amount thereof shall, for the purposes of corporation tax, be treated as—

(a) a deductible trading expense of a trade carried on by the company, or

(b) an expense of management deductible in computing the total profits of the company, incurred by it in the accounting period in which the gift is made:

Provided that in determining the net amount of the gift, the amount or value of any consideration received by the said company as a result of making the gift, whether received directly or indirectly from the company or any other person, shall be deducted from the amount of the gift.

(4) A claim under this section shall be made with the return required to be delivered under section 10 of the Finance Act, 1988 , for the accounting period in which the payment is made.