[F1The lower limit and the upper limitU.K.
Textual Amendments
F1Pt. 8 Ch. 3A inserted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 5(3)
279EThe lower limit and the upper limitU.K.
(1)This section gives the meaning in this Chapter of “the lower limit” and “the upper limit” in relation to an accounting period of a company (“A”).
(2)[F2If A has no associated company] in the accounting period—
(a)the lower limit is [F3£50,000], and
(b)the upper limit is [F4£250,000].
(3)[F5If A has one or more associated companies] in the accounting period—
(a)the lower limit is—F6
and
(b)the upper limit is—F7
where N is the number of those related 51% group companies.
(4)For an accounting period of less than 12 months the lower limit and the upper limit are proportionately reduced.]
Textual Amendments
F2Words in s. 279E(2) substituted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(2)(a)
F3Sum in s. 279E(2)(a) substituted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(2)(b)
F4Sum in 2. 279E(2)(b) substituted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(2)(c)
F5Words in s. 279E(3) substituted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(3)(a)
F6S. 279E(3)(a): "£50,000" substituted for "£300,000" (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(3)(b)
F7S. 279E(3)(b): “£250,000” substituted for “£1,500,000” (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 9(3)(c)