528 Manner of making allowances and charges.U.K.
M1(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)Where an allowance falls to be made to a company for any accounting period under [F3section 526]F4. . . , and is not to be made in taxing a trade—
(a)the allowance shall, as far as may be, be given effect by deducting the amount of the allowance from the company’s income from patents of the accounting period;
(b)where the allowance cannot be given full effect under paragraph (a) above in that period by reason of a want or deficiency of income from patents, then (so long as the company remains within the charge to corporation tax) the amount unallowed shall be carried forward to the succeeding accounting period, and shall be treated for the purposes of that paragraph, and of any further application of this paragraph, as the amount of a corresponding allowance for that period.
[F5(3A)In this section references to F6. . . a company’s income from patents are references to that income after any allowance has been deducted from or set off against it under section F6. . . 480 of the Capital Allowances Act.]
(4)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 528(1)(4) repealed (with effect in accordance with s. 579 of the repealing Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 46(1)(4), Sch. 4
F2S. 528(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 205(2), Sch. 3 (with Sch. 2)
F3Words in s. 528(2)(3) substituted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 46(2)
F4Words in s. 528(3) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 205(3), Sch. 3 (with Sch. 2)
F5S. 528(3A) inserted (with effect in accordance with s. 579 of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 46(3)
F6Words in s. 528(3A) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 205(4), Sch. 3 (with Sch. 2)
Marginal Citations
M1Source-1970 s.385; 1985 s.64(2)(d)-(f)