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Corporation Tax Act 2010

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188EDClaimant company's relevant maximum for the overlapping periodU.K.
This section has no associated Explanatory Notes

(1)The claimant company's relevant maximum for the overlapping period is determined as follows—

  • Step 1 Calculate the claimant company's relevant maximum for the claim period in accordance with section 269ZD(4).

  • Step 2 Deduct from that amount the sum of—

    (a)

    any deductions made by the company for the claim period

    (i)

    under section 45(4)(b) or 45B(4), or

    (ii)

    under section 303B or 303D by virtue of section 304(5),

    (b)

    any deduction made by the company for the claim period under section 457(3) or 463H(5) of CTA 2009,

    (c)

    any deductions made by the company for the claim period under section 124(5), 124A(5) or 124C(6) of FA 2012, and

    (d)

    any deductions made by the company for the claim period which are deductions within any of paragraphs (a) to (i) and (k) of section 269ZD(3).

  • Step 3 Take the proportion of the claim period included in the overlapping period and apply that proportion to the amount arrived at under step 2.

(2)In step 2 of subsection (1)—

(a)in paragraph (a)(i), the references to deductions under section 45(4)(b) or 45B(4) do not include deductions that would be ignored for the purposes of section 269ZB by reason of—

(i)section 1209(3), 1210(5A) or 1211(7A) of CTA 2009 (losses of film trade),

(ii)section 1216DA(3), 1216DB(5A) or 1216DC(7A) of that Act (losses of television programme trade),

(iii)section 1217DA(3), 1217DB(5A) or 1217DC(7A) of that Act (losses of video game trade),

(iv)section 1217MA(3) or 1217MC(9) of that Act (losses of theatrical trade),

(v)section 1217SA(3) or 1217SC(9) of that Act (losses of orchestral trade),

(vi)section 1218ZDA(3) or 1218ZDC(9) of that Act (losses of museum or gallery exhibition trade),

(vii)section 65(4B) or 67A(5A) (losses of UK or EEA furnished holiday lettings business),

(viii)section 269ZJ(1) (insurance companies: shock losses),

(ix)section 304(7) (certain losses of ring fence trades), or

(x)section 356NJ(2) (pre-1 April 2017 loss arising from oil contractor activities);

(b)in paragraph (b) the reference to a deduction under section 463H(5) does not include the deduction of a shock loss.

(3)If the amount of the claimant company's [F1qualifying] profits for the claim period (calculated in accordance with [F2subsection (3A)]) is less than the amount of the claimant company's deductions allowance for the claim period (determined in accordance with section 269ZD(6)), subsection (1) has effect as if step 1 was modified as follows—

Step 1 Calculate the claimant company's [F1qualifying] profits for the claim period in accordance with [F2subsection (3A)].

[F3(3A)The claimant company’s “qualifying profits” for the claim period are—

(a)the amount given by paragraph (1) of step 1 in section 269ZF(3) in determining the company’s qualifying trading profits and qualifying non-trading profits for the period, less

(b)the amount given by paragraph (1) of step 2 in section 269ZF(3) in determining those profits for the period.]

F4(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)Subsection (2) is to be ignored if subsection [F5(3)] applies.

Textual Amendments

F1Word in s. 188ED(3) substituted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 25(2)(a)

F2Words in s. 188ED(3) substituted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 25(2)(b)

F3S. 188ED(3A) inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 25(3)

F4S. 188ED(4) omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 3(a)

F5Word in s. 188ED(5) substituted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 3(b)

Modifications etc. (not altering text)

C1S. 188ED excluded (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 194(2)

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