99 The monetary limitU.K.
(1)The monetary limit in the case of a chargeable period of 12 months is £100,000.
(2)If, in the case of an individual or partnership, the chargeable period is longer or shorter than 12 months, the monetary limit is the amount given by a proportional increase or reduction of £100,000.
(3)If, in the case of a company, the chargeable period is shorter than 12 months, the monetary limit is the amount given by a proportional reduction of £100,000.
(4)[F1In the case of a company (“C”), if, in a chargeable period, one or more companies are related 51% group companies of C], the monetary limit for that period is—
where—
L is the monetary limit applicable under subsection (1) or (3), and
N is the [F2number of related 51% group] companies.
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 99(4) substituted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 8(a)(i)
F2Words in s. 99(4) substituted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 8(a)(ii)
F3S. 99(5) omitted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 8(b)