739LB Profit: calculating profits available for distribution

Details

(1) This section provides that any amount taken into account by an IREF when computing profits must be incurred wholly and exclusively for the purposes of the IREF business,

(2) An IREF will be treated as receiving an amount of income equal to such an amount which is not incurred wholly and exclusively for the purposes of the IREF business.

(3) The amount of income referred to in subsection (2) is charged to income tax under Case IV Schedule D and is treated as income arising in the year of assessment in which the accounting period which the amount was taken into account ends and against which no loss, deficit, expense or allowance can be set off.

Relevant Date: Finance Act 2021