Section 279E | The lower limit and the upper limit ^F1

(1)This section gives the meaning in this Chapter of “the lower limit” and “the upper limit” in relation to an accounting period of a company (“A”).^F1

(2)If A has no associated company in the accounting period—^F1F2

(a)the lower limit is £50,000, and^F1F3

(b)the upper limit is £250,000.^F1F4

(3)If A has one or more associated companies in the accounting period—^F1F5

(a)the lower limit is—^F1F6

and

(b)the upper limit is—^F1F7

(4)For an accounting period of less than 12 months the lower limit and the upper limit are proportionately reduced.^F1