Income Tax (Trading and Other Income) Act 2005 section 82, Schedule 2 paragraph 24

Contributions to urban regeneration companies

Section 82 and Schedule 2 paragraph 24 deal with the transitional rule limiting the tax deduction for contributions made to urban regeneration companies.

• Section 82 allows a tax deduction for contributions made by a trader to urban regeneration companies.
• This deduction only applies to contributions made on or after 1 April 2003.
• Any contributions made to an urban regeneration company before 1 April 2003 are excluded from the relief.
• This is a transitional provision ensuring the relief does not apply retrospectively to earlier contributions.