Taxes Consolidation Act 1997 Schedule 22 paragraph 6

Time-based apportionment of profits

Paragraph 6 of Schedule 22 provides for the time-based apportionment of amounts where a tax year or accounting period falls partly within and partly outside the specified period used to calculate profits available for dividend payments.

• Where a year of assessment falls wholly within the specified period, the full amount for that year is taken into account.
• Where a year of assessment falls only partly within the specified period, a proportionate part of the amount is used, calculated on a time basis.
• The same time-based apportionment applies to amounts for accounting periods that overlap the boundaries of the specified period.
• The apportionment covers capital allowances, charges, and other items referred to in paragraphs 4 and 5 of Schedule 22.