Chwilio Deddfwriaeth

Finance Act 2002

Status:

This is the original version (as it was originally enacted).

Deficit carried forward and set against non-trading profits of succeeding accounting periods

19(1)Paragraph 4 of Schedule 8 (claim to carry forward deficit to next accounting period) is amended as follows.

(2)For sub-paragraph (1) (application of paragraph) substitute—

(1)This paragraph applies where, pursuant to section 83(3A) of this Act, any of the deficit for a deficit period is to be carried forward and set against non-trading profits for succeeding accounting periods..

(3)In sub-paragraph (2) (treatment of amount to which the claim relates) for “The amount to which the claim relates” substitute “The amount carried forward from the deficit period, reduced by any amount claimed under sub-paragraph (3) below,”.

(4)Re-number sub-paragraph (3) (definition of “non-trading profits”) as sub-paragraph (6) and before that sub-paragraph insert—

(3)The company may make a claim for so much of the amount carried forward from the deficit period as may be specified in the claim to be excepted from being set against non-trading profits of the accounting period immediately following the deficit period.

(4)Any claim under sub-paragraph (3) above must be made before the expiration of the period of 2 years following the end of that accounting period.

(5)So much of the amount carried forward from the deficit period as—

(a)cannot be relieved under sub-paragraph (2) above against non-trading profits of the accounting period immediately following the deficit period, or

(b)is the subject of a claim under sub-paragraph (3) above in respect of that accounting period,

shall be treated for the purposes of this Chapter as if it were an amount of non-trading deficit on the company’s loan relationships for that accounting period which, pursuant to section 83(3A) of this Act, falls to be carried forward and set against non-trading profits of succeeding accounting periods (and this paragraph shall apply accordingly)..

(5)In consequence of the amendments made by this paragraph—

(a)the heading to that paragraph becomes “Carry forward of deficit to succeeding accounting periods”; and

(b)in the title of the Schedule, “claims” becomes “claims etc”.

Yn ôl i’r brig

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