Introduction Overview Overview Section 299: Deduction of PRT in calculating income for corporation tax purposes
1018.This section provides that a company may deduct PRT paid as an expense in calculating profits from the ring fence trade. It is based on section 500(1), (2), and (3) of ICTA.
1019.Sections 300 and 301 set out what happens when PRT is repaid and section 302 deals with interest on PRT repayments.