As of 6 April 1997 this text has repealed
(1) Section 36 (as amended by section 48 of the Finance Act, 1996) of the Corporation Tax Act, 1976, is hereby amended by the substitution for subsection (2) of the following subsections:
"(2) Where in a financial year the rate per cent. (in this subsection and in subsection (2A) referred to as the ‘specified rate per cent.’) of corporation tax specified in paragraph (b) of subsection (1) of section 1 exceeds the standard rate per cent. for either of the years of assessment, part of each of which falls within the financial year, the corporation tax in respect of any of the said unrelieved profits of the company for that year shall be reduced on a claim in that regard being made by the company, by so much of that tax as is equal to the amount by which -
(a) the corporation tax chargeable on the company for that year in respect of the part specified in subsection (5) of the said unrelieved profits,
exceeds -
(b) the corporation tax which woul
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