1056Amount of trading loss which is “unrelieved”U.K.
(1)This section applies for the purposes of section 1055.
(2)The amount of a trading loss that is “unrelieved” is the amount of the loss reduced by—
(a)any relief that was or could have been obtained by the company making a claim under [F1section 37(3)(a) of CTA 2010 to deduct the loss from total] profits of the same accounting period,
(b)any other relief obtained by the company in respect of the loss, including relief under [F2section 37(3)(b) or 42 of CTA 2010 (losses deducted from] profits of an earlier accounting period), and
(c)any loss surrendered under [F3Part 5 [F4or Part 5A] of CTA 2010] (surrender of relief to group or consortium members).
(3)No account is to be taken for this purpose of any losses—
(a)brought forward from an earlier accounting period under [F5section 45[F6, 45A or 45B] of CTA 2010], or
(b)carried back from a later accounting period under [F7section 37(3)(b) or 42] of that Act.
Textual Amendments
F1Words in s. 1056(2)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 669(2)(a) (with Sch. 2)
F2Words in s. 1056(2)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 669(2)(b) (with Sch. 2)
F3Words in s. 1056(2)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 669(2)(c) (with Sch. 2)
F4Words in s. 1056(2)(c) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 134(a)
F5Words in s. 1056(3)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 669(3)(a) (with Sch. 2)
F6Words in s. 1056(3)(a) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 134(b)
F7Words in s. 1056(3)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 669(3)(b) (with Sch. 2)
Modifications etc. (not altering text)
C1S. 1056 applied by 2010 c. 4, s. 357PC (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)