SCHEDULES
C1SCHEDULE 13Tax relief for expenditure on vaccine research etc
Part 5Supplementary provisions
I124Artificially inflated claims for deduction or tax credit
1
To the extent that a transaction is attributable to arrangements entered into wholly or mainly for a disqualifying purpose, it shall be disregarded in determining for an accounting period the amount of—
a
any relief to which a company is entitled under paragraph 14, 15 or 21, and
b
any tax credit to which a company is entitled under this Schedule.
2
Arrangements are entered into wholly or mainly for a “disqualifying purpose” if their main object, or one of their main objects, is to enable a company to obtain—
a
relief under paragraph 14, 15 or 21 to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled; or
b
a tax credit under this Schedule to which it would not otherwise be entitled or of a greater amount than that to which it would otherwise be entitled.
3
In this paragraph “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.
Sch. 13 modified (with effect as specified in art. 2 of the commencing S.I. of the commencing S.I.) by Finance Act 2004 (c. 12), s. 53(2)(6); S.I. 2004/3268, art. 2