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The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004
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Land remediation tax credit: giving effect to relief: enhanced expenses of management
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61.—(1) In Schedule 22 to the Finance Act 2001 paragraph 23 is amended as follows.
(2) In sub-paragraph (1) (which contains a description of section 76 of the Taxes Act 1988) for “deduction of expenses of management etc” substitute “deduction in respect of expenses payable”.
(3) In sub-paragraph (2) (claim to treat 150% of qualifying expenditure as part of company’s expenses of management) for “as part of its expenses of management for that period” substitute—
“as expenses payable which fall to be brought into account for that period at Step 1 in section 76(7) of the Taxes Act 1988”.
(4) The heading to the paragraph accordingly becomes “Giving effect to relief: enhanced expenses payable”.
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