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Finance Act 2015

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7After section 225 insert—

Prevention of surrender of lossesE+W+S+N.I.

225AEffect of notice: surrender of losses ineffective, etc

(1)This section applies where—

(a)an accelerated payment notice is given (and not withdrawn), and

(b)an amount is specified in the notice in accordance with section 220(2)(d) or 221(2)(d).

(2)P may not consent to any claim for group relief in respect of the amount so specified.

(3)Subject to subsection (2), paragraph 75 (other than sub-paragraphs (7) and (8)) of Schedule 18 to FA 1998 (reduction in amount available for surrender) has effect as if the amount so specified ceased to be an amount available for surrender at the time the notice was given to P.

(4)For the purposes of subsection (3), paragraph 75 of that Schedule has effect as if, in sub-paragraph (2) of that paragraph for “within 30 days” there were substituted “ before the end of the payment period (within the meaning of section 223(5) of the Finance Act 2014) ”.

(5)The time limits otherwise applicable to amendment of a company tax return do not prevent an amendment being made in accordance with paragraph 75(6) of Schedule 18 to FA 1998 where, pursuant to subsection (3), a claimant company receives—

(a)notice of the withdrawal of consent under paragraph 75(3) of that Schedule, or

(b)a copy of a notice containing directions under paragraph 75(4) of that Schedule.

(6)Subsection (7) applies where—

(a)a company makes such an amendment to its company tax return at a time when an enquiry is in progress into the return, and

(b)paragraph 31(3) of that Schedule prevents the amendment from taking effect until the enquiry is completed.

(7)Section 219 (circumstances in which an accelerated payment notice may be given) has effect, in its application to that company in a case where section 219(2)(a) applies (tax enquiry in progress), as if—

(a)for the purposes of section 219(3), that amendment to the return had not been made,

(b)in section 219(4), after paragraph (c) there were inserted—

(d)P has amended its company tax return, in accordance with paragraph 75(6) of Schedule 18 to FA 1998, in circumstances where pursuant to section 225A(3), P has received—

(i)notice of the withdrawal of consent under paragraph 75(3) of that Schedule, or

(ii)a copy of a notice containing directions under paragraph 75(4) of that Schedule,

but paragraph 31(3) of that Schedule prevents that amendment having effect.,

(c)in section 220(4), after paragraph (c) there were inserted—

(d)in the case of a notice given by virtue of section 219(4)(d) (cases involving withdrawal of consent for losses claimed), it were assumed that P had never made the claim to group relief to which the amendment to its company tax return relates., and

(d)in section 227(10), for “or (c)” there were substituted “ , (c) or (d) ”.

(8)Subsections (2) and (3) are subject to—

(a)section 227(14) to (16) (provision about claims for group relief, and consents to claims, following amendment or withdrawal of an accelerated payment notice), and

(b)section 227A (provision about claims for group relief, and consents to claims, once tax position finally determined).

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