Producer company deduction for eligible agricultural business profits allowed where turnover is below the statutory threshold. Allows a 100% deduction of profits and gains of a Producer Company attributable to specified eligible business activities where the company's total turnover in a tax year is below the statutory threshold; applicable for tax years commencing on or after 1 April, 2018 but before 1 April, 2024, and to be allowed after other Chapter deductions are applied. 'Eligible business' covers marketing of members' agricultural produce, supplying agricultural inputs to members, and processing members' produce, with 'Member' and 'Producer Company' defined by reference to section 378A of the Companies Act.
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Provisions expressly mentioned in the judgment/order text.
Producer company deduction for eligible agricultural business profits allowed where turnover is below the statutory threshold.
Allows a 100% deduction of profits and gains of a Producer Company attributable to specified eligible business activities where the company's total turnover in a tax year is below the statutory threshold; applicable for tax years commencing on or after 1 April, 2018 but before 1 April, 2024, and to be allowed after other Chapter deductions are applied. "Eligible business" covers marketing of members' agricultural produce, supplying agricultural inputs to members, and processing members' produce, with "Member" and "Producer Company" defined by reference to section 378A of the Companies Act.
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