PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
Treatment of regional development and other grants and debts released etc.
93 Other grants under Industrial Development Act 1982 etc.
1
M1A payment to which this section applies which is made to a F2company carrying on a trade the profits of which are chargeable F3to corporation tax under Case I of Schedule D shall be taken into account as a receipt in computing those profits; and any such payment which is made to F1a company with investment business shall be taken into account as a receipt in computing its profits under Case VI of Schedule D.
2
M2This section applies to any payment which would not, apart from this section, be taken into account as mentioned in subsection (1) above, being a payment by way of a grant under—
a
section 7 or 8 of the Industrial Development Act 1982 or section 7 or 8 of the M3Industry Act 1972; or
b
other than a grant designated as made towards the cost of specified capital expenditure or as made by way of compensation for the loss of capital assets and other than a grant falling within subsection (3) below.
3
M8A payment by way of grant which is made—
a
under Article 7 of the Order referred to in subsection (2)(c) above, and
b
in respect of a liability for corporation tax (including a liability which has already been met),
shall not be taken into account as mentioned in subsection (1) above, whether by virtue of this section or otherwise.
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.