Chapter BIM24850

Published date22 November 2013
Record NumberBIM24850

S153-S155 Corporation Tax Act 2009

A statutory body which:

  • is concerned with marketing of agricultural products or ensuring price stability, and
  • is required under a government approved scheme to pay the whole or part of its trading surplus into a reserve fund

is allowed a deduction in computing its trading profits for the sums it pays into the reserve fund out of its trading profits provided the fund satisfies certain conditions. The conditions are that:

  • no sum may be withdrawn from the fund without authority or consent from a minister or government department
  • if money has been paid to the body by a minister or department and is repayable, sums in the fund must be applied in making repayments
  • the fund is reviewed by a minister at fixed intervals and if the fund appears to exceed what is...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT