65(1)In relation to losses incurred in accounting periods ending before 22 April 2009, section 386 (relief for expense under section 383 otherwise giving rise to carried forward loss) applies with the following modifications.U.K.
(2)In subsection (1)—
(a)in paragraph (c) omit “or a later accounting period”,
(b)in paragraph (d) omit “after the accounting period in which the loss is made”,
(c)omit paragraph (e), and
(d)in paragraph (f) for “5 years beginning immediately after” substitute “ 12 months beginning with ”.
(3)For subsection (2) substitute—
“(2)So much of the carried forward loss as derives from the expense under section 383 is instead of being carried forward to be treated for corporation tax purposes as an expense.”
(4)In subsection (4) omit “or an expense within subsection (1)(e)(ii)”.
66(1)In relation to losses incurred in accounting periods ending before 22 April 2009, section 419 (relief for expense under section 417(5) otherwise giving rise to carried forward loss) applies with the following modifications.U.K.
(2)In subsection (1)—
(a)in paragraph (b) omit “or a later accounting period”,
(b)in paragraph (c) omit “after the accounting period in which the loss is made”,
(c)omit paragraph (d), and
(d)in paragraph (e) for “5 years” substitute “ 12 months ”.
(3)For subsection (2) substitute—
“(2)So much of the carried forward loss as derives from the expense under section 417(5) is instead of being carried forward to be treated for corporation tax purposes as an expense.”
(4)In subsection (4) omit “or an expense within subsection (1)(d)(ii)”.
67(1)In relation to losses incurred in accounting periods ending before 22 April 2009, section 428 (relief for expense under section 425 otherwise giving rise to carried forward loss) applies with the following modifications.U.K.
(2)In subsection (1)—
(a)in paragraph (c) omit “or a later accounting period”,
(b)in paragraph (d) omit “after the accounting period in which the loss is made”,
(c)omit paragraph (e), and
(d)in paragraph (f) for “5 years beginning immediately after” substitute “ 12 months beginning with ”.
(3)For subsection (2) substitute—
“(2)So much of the carried forward loss as derives from the expense under section 425 is instead of being carried forward to be treated for corporation tax purposes as an expense.”
(4)In subsection (4) omit “or an expense within subsection (1)(e)(ii)”.