Section 357CM | Small claims amount ^F1

(1)This section applies where a company makes an election under section 357CL for small claims treatment for an accounting period.^F1F2

(2)The small claims amount in relation to each trade of the company for the accounting period is—^F1

(a)if the amount in subsection (3) is lower than the small claims threshold, 75% of the qualifying residual profit of the trade for the accounting period;^F1

(b)in any other case, the amount given by—^F1

(3)The amount referred to in subsection (2)(a) is—^F1

(4)Any amount of qualifying residual profit of a trade of the company that is not greater than nil is to be disregarded for the purposes of subsection (3).^F1

(5)If no other company is a related 51% group company of the company in the accounting period, the small claims threshold is £1,000,000.^F1F3

(6)If one or more other companies are related 51% group companies of the company, in the accounting period, the small claims threshold is—^F1F4F5

(7)For an accounting period of less than 12 months, the small claims threshold is proportionately reduced.^F1

(8)Repealed^F6F1