SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 1Amendment of general rules about carrying forward losses

Expenses of management of investment business etc

6

1

Section 1223 of CTA 2009 (carrying forward expenses of management and other amounts) is amended as follows.

2

In subsection (1)(b)—

a

for “amounts” substitute “ an amount ”, and

b

after “(2)(c),” insert

—

i

a claim relating to the whole of the amount has not been made under subsection (3B), or

3

After subsection (3) insert—

3A

But subsection (3) does not apply in relation to so much of the excess as is surrendered as group relief under Part 5 of CTA 2010 or as group relief for carried-forward losses under Part 5A of that Act.

3B

A deduction in respect of the excess may be made under section 1219 for the next accounting period only on the making by the company of a claim.

3C

A claim may relate to the whole of the excess or to part of it only.

3D

A claim must be made—

a

within the period of two years after the end of the next accounting period, or

b

within such further period as an officer of Revenue and Customs may allow.

3E

Subsection (1A) of section 1219 does not apply in relation to a deduction in respect of the excess made for the next accounting period.