697U Deductibility of temporary solidarity contribution for corporation tax

Summary

This section provides that the amount of temporary solidarity contribution incurred by an energy company may be taken as a deduction against its trading profits for corporation tax purposes.

Details

(1) An energy company, when calculating the amount chargeable to corporation tax under Case I of Schedule D for an accounting period, may take a deduction in respect of the amount of temporary solidarity contribution incurred.

(2) This subsection provides that no deduction shall be allowed under subsection (1) where a deduction is allowed under any provision of the Tax Acts for the same amount.

Relevant Date: Finance Act 2024