Valid from 19/07/2006
Reduction in respect of unrelieved group ring fence profitsU.K.
12(1)This paragraph applies if there is an amount of unrelieved group ring fence profits for a pre-commencement period.
(2)For the purpose of allocating qualifying pre-commencement expenditure to the pool for that period—
(a)find so much (if any) of amount E for that period as remains after any reduction falling to be made under paragraph 11, and
(b)reduce that amount (but not below nil) by setting against it a sum equal to the aggregate of the amounts of unrelieved group ring fence profits for the period.