Section 279E — Finance Act 2014: The lower limit and the upper limit

The lower limit and the upper limit 279E 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”).

2 If no company is a related 51% group company of A in the accounting period—

a the lower limit is £300,000, and b the upper limit is £1,500,000.

3 If one or more companies are related 51% group companies of A in the accounting period—

a the lower limit is— £ 300,000 ( 1 + N ) and b the upper limit is— £ 1, 500,000 ( 1 + N ) where N is the number of those related 51% group companies.

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