C10C2C11C9C5C7C1C6C3C4C8Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C10

Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)

C2

Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)

C11

Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)

C5

Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

C1

Pt. 5 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 11(3)-(6)

C6

Pt. 5 modified by 2010 c. 4, s. 356NC(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C3

Pt. 5 modified by 2010 c. 4, s. 356NB(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C4

Pt. 5 modified by 2007 c. 3, s. 809FZZ(9) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))

C8

Pt. 5 modified by 2010 c. 4, s. 676AG(1) (as 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. 75)

Chapter 16Non-trading deficitsF1: pre-1 April 2017 deficits and charities

Annotations:
Amendments (Textual)
F1

Words in Pt. 5 Ch. 16 heading 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. 2

463Profits available for relief under section 462

1

The profits available for relief under section 462 are the amounts which (apart from the relief) would be charged under this Part as profits for accounting periods ending within the permitted period, after giving every prior relief.

2

In this section—

  • “the permitted period” means the period of 12 months immediately before the deficit period, and

  • “prior relief” means a relief which subsection (5) provides must be given before relief under section 462.

3

If an accounting period ending within the permitted period begins before it, only a part of the amount which (apart from the relief) would be chargeable under this Part for that period, after giving every prior relief, is available for relief under section 462.

4

That part is so much as is proportionate to the part of the accounting period in the permitted period.

5

The reliefs which must be given before relief under section 462 are—

a

relief as a result of a claim under section 459(1)(a) (claim for deficit to be set off against total profits for the deficit period),

b

relief in respect of a loss or deficit incurred or treated as incurred in an accounting period before the deficit period,

c

relief under F2Part 6 of CTA 2010 (charitable donations relief) in respect of payments made wholly and exclusively for the purposes of a trade,

d

relief under F4section 37 of CTA 2010 (losses deducted from total profits of the same, or an earlier, accounting period), and

e

if the company is a company with investment business for the purposes of Part 16 (companies with investment business)—

i

any deduction in respect of management expenses under section 1219 (expenses of management of a company's investment business),

ii

relief under F3Part 6 of CTA 2010 in respect of payments made wholly and exclusively for the purposes of its business, and

iii

any allowance under Part 2 of CAA 2001 (plant and machinery allowances).