Section 269ZFA — Corporation Tax Act 2010: “Relevant profits”

“Relevant profits” 269ZFA 1 A company’s “relevant profits” for an accounting period are—

a the company’s qualifying profits for the accounting period, less b the company’s deductions allowance for the accounting period (see section 269ZDA ). But if the allowance mentioned in paragraph (b) exceeds the profits mentioned in paragraph (a), the company’s “relevant profits” for the accounting period are nil.

2 A company’s “qualifying profits” for an accounting period are—

a the amount given by paragraph (1) of step 1 in section 269ZF(3) in determining the company’s modified total profits for the accounting period, less b the amount given by paragraph (1) of step 2 in section 269ZF(3) which could be relieved against those profits for the accounting period.