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Changes over time for: Section 15


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/04/2010.
Changes to legislation:
Corporation Tax Act 2010, Section 15 is up to date with all changes known to be in force on or before 11 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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15Carried-forward amountsU.K.
This section has no associated Explanatory Notes
(1)This section applies if conditions A, B and C are met.
(2)Condition A is that, in accordance with generally accepted accounting practice, a UK resident company—
(a)prepares its accounts for a period of account in sterling, or
(b)prepares its accounts for a period of account in a currency other than sterling and in those accounts identifies sterling as its functional currency.
(3)Condition B is that a loss of the company for that period (“the loss”) which falls to be calculated in accordance with generally accepted accounting practice for corporation tax purposes is to be a carried-forward amount.
(4)Condition C is that the tax calculation currency of the company in the accounting period to which the loss is to be carried forward (“the later tax calculation currency”) is a currency other than sterling.
(5)The loss must be adjusted by—
(a)first being translated into the later tax calculation currency by reference to the spot rate of exchange for the first day of the relevant accounting period, and
(b)then being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 11.
(6)In this section “the relevant accounting period” means the earliest accounting period of the company that both—
(a)begins after the accounting period in which the loss arises, and
(b)is a period in which the tax calculation currency of the company is the currency mentioned in subsection (4).
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