Section 99 | The monetary limit

From legislation.gov.uk

(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)If, in a chargeable period, a company has one or more associated companies, the monetary limit for that period is—^F1F2

Formula

\frac{L}{N + 1}

where—

L is the monetary limit applicable under subsection (1) or (3), and

N is the number of associated companies.

(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).^F3

(5)Repealed^F4