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Finance Act 2002

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This is the original version (as it was originally enacted).

Restriction on losses carried forward

19(1)For the purposes of section 393 of the Taxes Act 1988 (relief of trading losses against future trading profits), a company’s trading loss for a period for which it claims a tax credit under this Schedule is treated as reduced by the amount of the loss surrendered.

(2)The amount of the loss surrendered is—

(a)where the maximum amount of tax credit was claimed, the whole of the surrenderable loss for that period, and

(b)where less than the maximum amount was claimed, a corresponding proportion of the surrenderable loss for that period.

The “maximum amount” here means the amount specified in paragraph 17(1).

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