Finance (No. 2) Act 2017

50 (1) Section 305 (group relief) is amended as follows.

(2) In the heading, at the end insert “and group relief for carried-forward losses”.

(3) After subsection (1) insert—

“(1A) On a claim under Chapter 3 of Part 5A, group relief for carried-forward losses may not be allowed against the claimant company’s ring fence profits.”

(4) For subsection (4) substitute—

“(4) In this section—

• “claimant company” is to be read in accordance with Part 5 (see section 188) or Part 5A (see sections 188CB(2) and 188CC(2)), as the case requires;

• “surrendering company” is to be read in accordance with Part 5 (see section 188).”