12(1)If before the whole of the adjustment has been charged to tax an accounting period of the company ends by reason of—U.K.
(a)the company ceasing to be within the charge to corporation tax,
(b)the commencement of winding-up proceedings in respect of the company (see [F1section 12 of CTA 2009]),
the rule in paragraph 10(4) applies in relation to that accounting period.
(2)If the company permanently ceases to carry on the business in question (without there being any event within sub-paragraph (1) above), paragraph 10 continues to apply but with the omission of the alternative limit in sub-paragraph (2)(b) and (3)(c) referring to the profits of the business.
Textual Amendments
F1Words in Sch. 15 para. 12(1)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 696(5) (with Sch. 2 Pts. 1, 2)