PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
Deductions
91AF1 Waste disposal: restoration payments.
1
This section applies where on or after 6th April 1989 a person makes a site restoration payment in the course of carrying on a trade.
2
Subject to subsection (3) below, for the purposes of income tax or corporation tax the payment shall be allowed as a deduction in computing the profits or gains of the trade for the period of account in which the payment is made.
3
Subsection (2) above shall not apply to so much of the payment as—
a
represents expenditure which has been allowed as a deduction in computing the profits or gains of the trade for any period of account preceding the period of account in which the payment is made, or
b
represents capital expenditure in respect of which an allowance has been, or may be, made under the enactments relating to capital allowances.
4
For the purposes of this section a site restoration payment is a payment made—
a
in connection with the restoration of a site or part of a site, and
b
in order to comply with any condition of a relevant licence, or any condition imposed on the grant of planning permission to use the site for the carrying out of waste disposal activities, or any term of a relevant agreement.
5
For the purposes of this section waste disposal activities are the collection, treatment, conversion and final depositing of waste materials, or any of those activities.
6
For the purposes of this section a relevant icence is—
a
b
a waste management licence under Part II of the Environmental Protection Act 1990 or any corresponding provision for the time being in force in Northern Ireland.
7
For the purposes of this section a relevant agreement is an agreement made under section 52 of the M3Town and Country Planning Act 1971, section 50 of the M4Town and Country Planning (Scotland) Act 1972 or section 106 of the M5Town and Country Planning Act 1990 (all of which relate to agreements regulating the development or use of land) or under any provision corresponding to section 106 of the Town and Country Planning Act 1990 and for the time being in force in Northern Ireland.
8
For the purposes of this section a period of account is a period for which an account is made up.
See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.