Restrictions on deductions from profits
8After section 269ZF insert—
“269ZFA“Relevant profits”
(1)A company’s “relevant profits” for an accounting period are—
(a)the company’s qualifying profits for the accounting period, less
(b)the company’s deductions allowance for the accounting period (see section 269ZD(6)).
(2)A company’s “qualifying profits” for an accounting period are—
(a)the amount given by paragraph (1) of step 1 in section 269ZF(3) in determining the company’s qualifying trading profits and qualifying non-trading profits for the accounting period, less
(b)the amount given by paragraph (1) of step 2 in section 269ZF(3) in determining those profits for the accounting period.”