(1)This section applies if, in an accounting period of a company with investment business, any amount falling within subsection (2) cannot be deducted in full because the profits from which the amount is deductible are insufficient.
(2)The amounts are—
(a)expenses of management deductible under section 1219,
(b)[F1qualifying charitable donations made] in the accounting period, so far as [F2they are made] for the purposes of the company's investment business, and
(c)amounts brought forward to the period under this section.
(3)The excess is treated for the purposes of section 1219 as expenses of management deductible for the next accounting period.
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)See also [F4section 63 of CTA 2010 (which is about unused losses made in a UK property business)].
Textual Amendments
F1Words in s. 1223(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. 686(2)(a) (with Sch. 2)
F2Words in s. 1223(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. 686(2)(b) (with Sch. 2)
F3S. 1223(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 686(3), Sch. 3 Pt. 1 (with Sch. 2)
F4Words in s. 1223(5) 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. 686(4) (with Sch. 2)