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CTM18210 | Shadow ACT: set-off of ACT: accounting periods beginning before and ending after 5 April 1999

From HM Revenue & Customs · Company Taxation Manual

FA98/S31, FA98/SCH3/PARA12 (4)

The amount of ACT available is calculated as it is for accounting periods ending before 6 April 1999 except that:

  • no ACT is payable in respect of any distribution made on or after 6 April 1999, and

  • no ACT can be carried back from an accounting period beginning on or after 6 April 1999.

The limit on the amount of the set-off is calculated as though the accounting period ended on 5 April 1999 and the profits were those that accrued in the part of the accounting period ending on that date, calculated on a time apportionment basis.