This is the original version (as it was originally enacted).
(1)This section sets out the deduction scheme conditions.
(2)Deduction scheme condition A is that the transaction to which the company is party forms part of a scheme that is a deduction scheme for the purposes of this Part (see sections 236 to 242).
(3)Deduction scheme condition B is that the scheme is such that for corporation tax purposes the company—
(a)is in a position to claim, or has claimed, an amount by way of deduction in respect of the transaction, or
(b)is in a position to set off, or has set off, an amount relating to the transaction against profits in an accounting period.
(4)Deduction scheme condition C is that the main purpose of the scheme, or one of its main purposes, is to achieve a UK tax advantage for the company.
(5)Deduction scheme condition D is that the amount of the UK tax advantage is more than minimal.
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