Income and Corporation Taxes Act 1988 (c. 1)

PART VIII U.K. TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES

Taxation of income U.K.

338A Meaning of “charges on income" U.K.

(1) This section defines what payments or other amounts are “charges on income” for the purposes of corporation tax.

This section has effect subject to any express exceptions in the Corporation Tax Acts.

(2) Subject to the following provisions of this section, the following (and only the following) are charges on income—

(a) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) qualifying donations within the meaning of section 339 (qualifying donations to charity);

(c) amounts allowed as charges on income under section 587B(2)(a)(ii) (gifts of shares etc to charity).

(3) No payment that is deductible in computing profits or any description of profits for the purposes of corporation tax shall be treated as a charge on income.

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 338A(2)(a) repealed (with effect in accordance with s. 38(7) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), s. 38(2), Sch. 11 Pt. 2(7), Note

F2 S. 338A(4) repealed (with effect in accordance with s. 38(7) of the repealing Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 11 Pt. 2(7), Note