[F1269ZJExclusion of shock losses from restrictionsU.K.
(1)If a shock loss is—
(a)carried forward to an accounting period of an insurance company (see section 269ZP(2)), and
(b)deducted under section 45B (post-1 April 2017 trade losses carried forward against trade profits),
the deduction is to be treated as not falling within section 269ZB(3).
(2)If a shock loss is—
(a)carried forward to an accounting period of an insurance company, and
(b)deducted under section 463H of CTA 2009 (carry forward of unrelieved non-trading deficit from loan relationships against non-trading profits),
the company is to be treated for the purposes of sections 269ZC and 269ZD(2)(b)(ii) as not having made that deduction.
(3)If an insurance company makes a deduction of (or in respect of) a shock loss, that deduction is not a “relevant deduction” for the purposes of section 269ZD (restriction on deductions from total profits).
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Pt. 7ZA inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16
F2S. 269ZJ(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. 10