Related Commentary  Related HMRC Manuals

196(1)  If each of the qualifying conditions (see section 195) is met, subsection (2) applies–

(a)to the balancing payment if, or so far as, its amount does not exceed the available compensating adjustment, or

(b)to the balancing payments if, or so far as, their total amount does not exceed the available compensating adjustment.

196(2)  Any payment to which this subsection applies–

(a)is not to be taken into account in calculating profits or losses of either of the affected persons for the purposes of income tax or corporation tax, and

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