Finance (No. 2) Act 2017

52 (1) Section 321 (supplement in respect of a post-commencement period) is amended as follows.

(2) In subsection (2) (treatment of supplement as loss etc)—

(a) in the words before paragraph (a) after “period” insert “beginning before 1 April 2017”, and

(b) in paragraph (b) after “forward of” insert “pre-1 April 2017”.

(3) After subsection (2) insert—

“(2A) Any post-commencement supplement allowed on a claim in respect of a post-commencement period beginning on or after 1 April 2017 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 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.”