Finance Act, 1996

Amendment of section 56 (relief for gifts to The Enterprise Trust Ltd.) of Finance Act, 1992.

56.Section 56 (as amended by section 51 of the Finance Act, 1994 ) of the Finance Act, 1992 , is hereby amended—

(a) by the substitution in paragraph (a) of subsection (2) of “31st day of December, 1997,” for “31st day of December, 1996,”, and

(b) by the substitution for subsection (3) of the following subsection:

“(3) Subject to subsection (2), where a company (hereafter in this subsection referred to as the ‘donor’) 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 donor, or

(b) an expense of management deductible in computing the total profits of the donor,

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 donor 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.”.