Section 357MB | Profit imputed to back-office activities

(1)To determine for the purposes of section 357MA(3) the back-office profits of the qualifying trade for the accounting period, take the following steps—

Step 1 Multiply each back-office deduction by the relevant percentage.

Step 2 Add together each amount calculated under step 1.

(2)In subsection (1)—

“back-office deduction” means a deduction—

(a)to which the company is entitled in calculating the profits of the trade for the period, and

(b)which is in respect of back-office activities;

“the relevant percentage” means 5%.

(3)The Treasury may by regulations amend subsection (2) so as to substitute a different percentage for the percentage for the time being specified there.

(4)Regulations under this section—

(a)may make different provision for different purposes (including, in particular, different trades or different back-office activities);

(b)may make incidental, supplemental, consequential and transitional provision and savings.