Taxes Consolidation Act 1997 section 148

Treatment of certain deductions in relation to relevant distributions

Section 148 dealt with how certain deductions allowed against a company's total profits were apportioned when calculating the income figure used in the manufacturing relief rules on relevant distributions under section 147.

• Repealed by the Finance Act 2000 with effect from 6 April 1999 for income tax and for accounting periods commencing on or after that date for corporation tax.
• Defined "relevant deduction" as charges on income, group relief, capital allowances under section 308(4), trading losses under section 396(2), and other amounts deductible against profits of more than one description.
• Applied only where a company's corporation tax on manufacturing income was being reduced under section 448 and a relevant deduction had been set against total profits.
• Required the income figure feeding the "A" element in section 147(1) to be reduced by the share of the deduction attributable to manufacturing income.

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