C1C2Part 5Group relief
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)
Chapter 3Surrenders made by non-UK resident company resident or trading in the EEA
Conditions that must be met
118The 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)