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HMRC internal manual

Company Taxation Manual

ACT: tax credit & FA93: franked investment income: as upper limit

The amount available for relief under ICTA88/S243 (1) was the amount of franked investment income for the accounting period, which, if chargeable to CT, would have been taken into account for relief under ICTA88/S393 (1) by virtue of ICTA88/S393 (8).

To work out the amount that would have been taken into account for ICTA88/S393 (8), franked investment income for 1993-94 was calculated as if the tax credit comprised in the franked investment income was at a rate of 1/4, (FA93/S78 (10)).