Taxes Consolidation Act 1997 section 457

Application of section 448 where profits are charged to corporation tax at the reduced rate

Section 457 set out how manufacturing relief under section 448 was to be applied where part of a company's profits for an accounting period were charged to corporation tax at the reduced rate provided for in section 22.

• Modified the operation of section 448 (manufacturing relief) where some of a company's profits were charged at the section 22 reduced rate of corporation tax.
• Reduced the "relevant corporation tax" for the accounting period by an amount calculated using a formula based on the reduced rate and the profits charged at that rate.
• Required the "total income brought into charge to corporation tax" used in the section 448(2) computation to be reduced by sections 454 and 455 adjustments and by the profits charged at the reduced rate.
• Repealed by section 90(1)(c)(v) of the Finance Act 2001 for accounting periods ending on or after 6 March 2001.