Part 5Group relief
Chapter 2Surrender of company's losses etc for an accounting period
Basic provisions about surrendering losses and other amounts
101Meaning of “capital allowance excess”
1
In section 99(1)(b) “capital allowance excess” means an excess of the kind mentioned in section 260(1) of CAA 2001 for the surrender period.
2
In determining if there is such an excess for the surrender period and, if there is, its amount, apply section 260(1) of CAA 2001 but subject to subsections (3) and (4).
3
Capital allowances brought forward from previous accounting periods are to be ignored.
4
The reference in section 260(1) of CAA 2001 to a description of the company's income is to be read as a reference to that description of income before deductions for—
a
losses of any accounting period other than the surrender period, or
b
capital allowances.