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)
Modifications etc. (not altering text)
C11S. 99(1) modified by 1993 c. 34, s. 93A(6) (as inserted (with effect as mentioned in s. 80(2) of the inserting Act) by Finance Act 2002 (c. 23), s. 80, Sch. 24 para. 4 (with Sch. 23 para. 25))
C12S. 99(2) modified by 1993 c. 34, s. 93A(6) (as inserted (with effect as mentioned in s. 80(2) of the inserting Act) by Finance Act 2002 (c. 23), s. 80, Sch. 24 para. 4 (with Sch. 23 para. 25))
C13S. 99(3) modified by 1993 c. 34, s. 93A(6) (as inserted (with effect as mentioned in s. 80(2) of the inserting Act) by Finance Act 2002 (c. 23), s. 80, Sch. 24 para. 4 (with Sch. 23 para. 25))