Schedules

F1SCHEDULE A1First-year tax credits

Part 3Clawback of first-year tax credit

Amount of restored loss

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(1)

The amount of the restored loss is—

(LS-OERPM)-(OE-DV)-ARL

but where the amount given by that formula is less than nil, the amount of the restored loss is nil.

(2)

In sub-paragraph (1)—

  • LS is the amount of loss surrendered under this Schedule in the chargeable period for which the first-year tax credit was paid,

  • OERPM is the amount (or the aggregate of the amounts) of the original expenditure on the retained tax-relieved plant and machinery after the item is disposed of,

  • OE is the aggregate of the amount of the original expenditure on the item disposed of, and the amounts of the original expenditure on any items of tax-relieved plant and machinery which the company has previously disposed of,

  • DV is the aggregate of the disposal value of the item disposed of, and the disposal values of any items of tax-relieved plant and machinery which the company has previously disposed of, and

  • ARL is the amount of the restored loss (or the aggregate of the amounts of the restored loss) on any previous application of this paragraph.