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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 79 is up to date with all changes known to be in force on or before 21 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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79Additional paymentsU.K.
This section has no associated Explanatory Notes
(1)This section applies if the employer permanently ceases to carry on a trade or part of a trade and makes a payment to the employee in addition to—
(a)the redundancy payment, or
(b)if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.
(2)If, in calculating the profits of the trade—
(a)no deduction would otherwise be allowable for the additional payment, but
(b)a deduction would be allowable for it if the employer had not permanently ceased to carry on the trade or the part of the trade,
a deduction is allowed under this section for the additional payment.
(3)The deduction under this section is limited to 3 times the amount of—
(a)the redundancy payment, or
(b)if an approved contractual payment is made, the amount that would have been due if a redundancy payment had been payable.
(4)If the payment is made after the employer has permanently ceased to carry on the trade or the part of the trade, it is treated as made on the last day on which the employer carried on the trade or the part of the trade.
(5)The deduction under this section is allowed for the accounting period in which the payment is made (or treated under subsection (4) as made).
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