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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: restriction on carrying forward expenses of management as follows

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63.—(1) In Schedule 22 to the Finance Act 2001 paragraph 27 is amended as follows.

(2) For sub-paragraph (1) (amount to be carried forward under section 75(3) of Taxes Act 1988 to be reduced by expenses of management surrendered) substitute—

(1) For the purposes of section 76 of the Taxes Act 1988, the total amount which may—

(a)be carried forward under subsection (12) or (13) of that section from an accounting period in which the company claims a life assurance company tax credit, and

(b)be brought into account for the next accounting period in accordance with Step 7 in subsection (7) of that section,

is treated as reduced by the amount of the expenses payable surrendered..

(3) In sub-paragraph (2) (amount of expenses of management surrendered) for “expenses of management” substitute “expenses payable”.

(4) The heading to the paragraph accordingly becomes “Restriction on carrying forward expenses payable”.

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