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Corporation Tax Act 2010

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Changes over time for: Section 321

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Version Superseded: 16/11/2017

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Point in time view as at 01/04/2010. This version of this provision has been superseded. Help about Status

Changes to legislation:

Corporation Tax Act 2010, Section 321 is up to date with all changes known to be in force on or before 12 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. Help about Changes to Legislation

321Supplement in respect of a post-commencement periodU.K.
This section has no associated Explanatory Notes

(1)A qualifying company which incurs a ring fence loss (see section 323) in any post-commencement period may claim supplement under this section (“post-commencement supplement”) in respect of—

(a)that period, or

(b)any subsequent accounting period in which it carries on its ring fence trade.

(2)Any post-commencement supplement allowed on a claim in respect of a post-commencement period is to be treated for the purposes of the Corporation Tax Acts (other than the post-commencement supplement provisions or Part 4 of Schedule 19B to ICTA) as if it were a loss—

(a)which is incurred in carrying on the ring fence trade in that period, and

(b)which falls in whole to be used under section 45 (carry forward of trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.

(3)Paragraph 74 of Schedule 18 to FA 1998 (company tax returns etc: time limit for claims for group relief) applies in relation to a claim for post-commencement supplement as it applies in relation to a claim for group relief.

(4)In this Chapter “the post-commencement supplement provisions” means this section and sections 322 to 329.

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