24The lower limit and the upper limitU.K.
(1)This section gives the meaning in this Part of “the lower limit” and “the upper limit” in relation to an accounting period of a company.
(2)If the company has no associated company in the accounting period—
(a)the lower limit is £300,000, and
(b)the upper limit is £1,500,000.
(3)If the company has one or more associated companies in the accounting period—
(a)the lower limit is—
and
(b)the upper limit is—
where N is the number of those associated companies.
(4)For an accounting period of less than 12 months the lower limit and the upper limit are proportionately reduced.
Modifications etc. (not altering text)
C2Ss. 24-30 applied (with modifications) by S.I. 1998/3175, reg. 3(5) (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 4(8))