Set off of surplus ACT: accounting periods ending on or before 5 April 1999

Set off of surplus ACT {#}

ICTA88/SCH26/PARA2Where a Chapter IV assessment has been made for tax on an apportioned amount of chargeable profits on a United Kingdom company, the company may claim to set ACT against this tax. It can claim any amount of ACT, up to the ‘relevant maximum’ – see below. This is ACT that would otherwise be surplus for the accounting period for which the Chapter IV assessment was made. This relief can be given in addition to relief for relevant allowances.

However, relevant allowances have priority. ACT can only be set off if relief cannot be given for relevant allowances under ICTA88/SCH26/PARA1.

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