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Finance Act 1989
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97Set-off of ACT where companies remain in same group
(1)In section 240 of the Taxes Act 1988 (set-off of company’s ACT against subsidiary’s liability to corporation tax) at the end of subsection (5) (set-off not to be made against subsidiary’s liability to corporation tax for any accounting period in which, or in any part of which, it was not a subsidiary of the surrendering company) there shall be added the words “unless throughout that period or part both companies were subsidiaries of a third company”.
(2)This section shall have effect in relation to accounting periods ending on or after 14th March 1989.
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