Schedules
F1SCHEDULE A1First-year tax credits
Part 1Entitlement to first-year tax credits
Unrelieved loss
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1
This paragraph applies where—
a
the qualifying activity is a F2UK property business or an overseas property business, and
b
the company is an insurance company.
2
If no amount falls to be carried forward to a succeeding chargeable period under F6section 73 of FA 2012 (carrying forward unrelieved expenses), no amount of the loss is unrelieved.
3
If an amount falls to be carried forward to a succeeding chargeable period under F7section 73 of that Act, the amount of the loss that is unrelieved is equal to the lesser of—
a
the amount of the loss (see paragraph 7), reduced by any amount within sub-paragraph (4), and
b
the total amount which so falls to be carried forward.
4
The amounts mentioned in sub-paragraph (3)(a) are—
a
the amount of any loss surrendered under F3Chapter 3 of Part 14 of CTA 2009 (tax credits for remediation of contaminated land), and
b
any amount F4set off against the loss under Chapter 7 of Part 4 of CTA 2010 (write-off of government investment).
5
Sub-paragraph (6) applies for determining whether there is an amount which falls to be carried forward under F8section 73 of FA 2012 .
F56
Disregard any amounts brought forward from an earlier chargeable period which fall to be taken into account in calculating for the purposes of section 73 of FA 2012 the amount of adjusted BLAGAB management expenses of the company for the period in question as a result of—
a
the previous application of section 73 or 93 of FA 2012, or
b
the carry forward to the period in question of an amount under section 391(3) of CTA 2009 (loan relationship deficit carried forward).
Sch. A1 inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 5