(1) Subject to subsection (2), any restriction or reduction imposed by paragraph (a), (b), (c), (d) or (e) of subsection (1) of section 55 of the Finance Act, 1992, in respect of a chargeable period in the case of a company which fails to deliver a return of income on or before the specified return date for that chargeable period shall apply and have effect subject to -
(a) in the case of the restrictions or reductions imposed by paragraph (a), (b) or (c) of the said subsection, a maximum restriction or reduction, as the case may be, of £125,000 in each case for the chargeable period, and
(b) in the case of the restrictions imposed by paragraph (d) or (e) of the said subsection, a maximum restriction of £50,000 in each case for the chargeable period.
(2) Where in relation to a chargeable period a company, having failed to deliver a return of income on or before the specified return date for that chargeable period, delivers the said return before the expiry of two months from the