Finance Act 2022
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Change 1
42 Restrictions on RPDT reliefs
(1) For the purposes of section 38, the amount that may be deducted in respect of C and E for an accounting period may not exceed the relevant maximum. (2) In a case where the calculation of A+B in section 38 gives an amount in respect of the RP developer that is less than or equal to the RP developer’s allowance, the relevant maximum is the amount that would reduce that amount to £0. (3) In a case where the calculation of A+B in section 38 gives an amount in respect of the RP developer that is greater than the RP developer’s allowance for the accounting period, the relevant maximum is calculated as follows— ( A + B - Z ) 2 - D where— “A”, “B” and “D” have the same meanings as in section 38; “Z” is the RP developer’s allowance for the accounting period. (If the formula gives a negative amount, the relevant maximum is £0.) (4) Subsection (5) applies where the effect of subsection (3) is to reduce the amount that would otherwise have been available to be deducted in respect of C and E in relation to an accounting period (“the total amount”). (5) For the purposes of this Part the amount that is available to be carried forward under Schedule 7 is— (a) where the total amount is greater than the RP developer’s allowance for the accounting period, an amount equal to the total amount minus that allowance, or (b) where the total amount is less than or equal to the RP developer’s allowance for the accounting period, £0.
42 Restrictions on RPDT reliefs
(1) For the purposes of section 38, the amount that may be deducted in respect of C and E for an accounting period may not exceed the relevant maximum. (2) In a case where the calculation of A+B in section 38 gives an amount in respect of the RP developer that is less than or equal to the RP developer’s allowance, the relevant maximum is the amount that would reduce that amount to £0. (3) In a case where the calculation of A+B in section 38 gives an amount in respect of the RP developer that is greater than the RP developer’s allowance for the accounting period, the relevant maximum is calculated as follows— ( A + B - Z ) 2 - D where— “A”, “B” and “D” have the same meanings as in section 38; “Z” is the RP developer’s allowance for the accounting period. (If the formula gives a negative amount, the relevant maximum is £0.) (4) Subsection (5) applies where the effect of subsection (3) is to reduce the amount that would otherwise have been available to be deducted in respect of C and E in relation to an accounting period (“the total amount”). (5) For the purposes of this Part the amount that is available to be carried forward under Schedule 7 is— (a) where the total amount is greater than the RP developer’s allowance for the accounting period, an amount equal to the total amount minus that allowance, or (b) where the total amount is less than or equal to the RP developer’s allowance for the accounting period, £0.
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