Taxes Consolidation Act 1997 section 442

Interpretation (Part 14)

Section 442 was the interpretation provision for Part 14 of the TCA 1997, defining the key terms used in the manufacturing relief code, and was deleted by Finance Act 2012 once the relief had fully run off.

• "Merchandise" meant goods other than those falling within section 443 (which dealt with specified non-manufactured items treated as manufacturing).
• "Relevant accounting period" was an accounting period, or part of one, ending on or before 31 December 2000 (for the section 443(11) and (12) cases) or 31 December 2010 in every other case.
• "Relief under this Part" meant the reduction in corporation tax provided for by section 448(2) — the effective 10% manufacturing rate.
• Where only part of a company's accounting period qualified, all amounts for that accounting period were apportioned on a time basis between the qualifying and non-qualifying portions.