Section 1284 | Housing grants

(1)No liability to corporation tax arises in respect of a payment if it is made—

(a)under an enactment relating to the giving of financial assistance for the provision, maintenance or improvement of housing accommodation or other residential accommodation, and

(b)by way of grant or other contribution towards expenses.

(2)It does not matter whether—

(a)the payment is made to the person who incurs the expenses, or

(b)the expenses have been, or are to be, incurred.

(3)Subsection (1) does not apply so far as the payment is made towards an expense which is deductible in calculating income for any corporation or income tax purpose.