Part 5 Group relief

Chapter 3 Surrenders made by non-UK resident company resident or trading in the EEA

Conditions that must be met

118 The qualifying loss condition: relief for current and previous periods
(1) This section applies to an EEA amount so far as subsections (2) and (3) apply to it (but subject to subsection (4)).
(2) This subsection applies to the EEA amount so far as, for the purposes of any relevant non-UK tax, the EEA amount cannot be taken into account in calculating any profits, income or gains that—
(a) arise in the EEA accounting period or any previous period to the surrendering company or any other person, and
(b) are chargeable to that tax for the EEA accounting period or any previous period.
(3) This subsection applies to the EEA amount so far as, for the purposes of any relevant non-UK tax, the EEA amount cannot be relieved in the EEA accounting period or any previous period—
(a) by the payment of a credit,
(b) by the elimination or reduction of a tax liability, or
(c) in any other way.
(4) This section applies to the EEA amount (or a part of it) only if every step is taken (whether by the surrendering company or any other person) to secure that the EEA amount (or part) is—
(a) taken into account as mentioned in subsection (2), or
(b) relieved as mentioned in subsection (3).
Pt. 5 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 125 (with s. 147, Sch. 17)
Pt. 5 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(5)