Corporation Tax Act 2010 section 311

Limit on number etc of accounting periods for which supplement may be claimed

Section 311 limits the number of accounting periods for which a company may claim ring fence expenditure supplement and defines how those periods are structured.

• A company may claim ring fence expenditure supplement for a maximum of 10 accounting periods in total, split into an initial 6 periods and an additional 4 periods
• None of the additional 4 periods may relate to accounting periods beginning before 5 December 2013, and where an accounting period straddles that date it is split into two separate periods
• The accounting periods claimed for do not need to be consecutive, and earlier claims made under the old Schedule 19B to ICTA (exploration expenditure supplement) count towards the overall limit
• Where a company claims under this Chapter for the deemed accounting period beginning on 1 January 2006, any corresponding claim under Schedule 19B to ICTA for the deemed accounting period ending before that date is disregarded

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