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)[F1If, in a chargeable period, a company has one or more associated companies], 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 associated] companies.
[F3(4A)The rules in Part 3A of CTA 2010 (see sections 18E to 18J) which apply for determining whether a company is another company's associated company in an accounting period for the purposes of section 18D of that Act apply for the purposes of subsection (4).]
F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 99(4) substituted (with effect in accordance with Sch. 1 para. 33 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 16(2)(a)
F2Words in s. 99(4) substituted (with effect in accordance with Sch. 1 para. 33 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 16(2)(b)
F3S. 99(4A) inserted (with effect in accordance with Sch. 1 para. 33 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 16(3)
F4S. 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)
C12S. 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))
C13S. 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))
C14S. 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))