Section 133B | Companies affected by section 133A: amounts treated as received

(1)This section applies where a company incurs in an accounting period expenses which would, but for section 133A, be deductible in calculating the profits of a trade carried on by that company.

(2)An amount equal to 10% of the relevant sum is to be brought into account as a receipt in calculating the profits of the trade.

(3)The amount is treated as arising at the end of the accounting period.

(4)In this section “the relevant sum” means the total amount of the expenses which as a result of section 133A are not deductible in calculating the profits of the trade for the accounting period.