Corporation Tax Act 2009 section 91

Payments to Export Credits Guarantee Department

Section 91 and Schedule 2 paragraph 23 deal with the tax treatment of sums payable by a trading company to the Export Credits Guarantee Department, particularly where those sums were incurred before 31 March 2009 but remained unpaid.

• A company carrying on a trade may owe sums to the Export Credits Guarantee Department under a qualifying agreement, or in connection with entering into such an agreement.
• This transitional rule applies where the sum was incurred in a period of account that ended entirely before 1 April 2009.
• The sum must not have already been taken into account in calculating the trade profits of any accounting period.
• Where these conditions are met, the company may deduct the sum when calculating trade profits for the period of account in which it is actually paid.