[F1356DReduction of adjusted ring fence profitsU.K.
(1)A company's adjusted ring fence profits for an accounting period are to be reduced by the cumulative total amount of activated allowance for the accounting period (but are not to be reduced below zero).
(2)In relation to a company and an accounting period, the “cumulative total amount of activated allowance” is—
where—
A is the total of any amounts of activated allowance the company has, for any sites, for the accounting period (see section 356E(2)) or for reference periods within the accounting period (see section 356GB(1)), and
C is any amount carried forward to the period under section 356DA.]
Textual Amendments
F1Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3