[F114(1)This paragraph applies where—U.K.
(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 [F3section 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 [F4section 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 [F5Chapter 3 of Part 14 of CTA 2009] (tax credits for remediation of contaminated land), and
(b)any amount [F6set 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 [F7section 73 of FA 2012] .
[F8(6)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).]]
Textual Amendments
F1Sch. 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
F2Words in Sch. A1 para. 14(1)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 521(7)(a) (with Sch. 2 Pts. 1, 2)
F3Words in Sch. A1 para. 14(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(a)
F4Words in Sch. A1 para. 14(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(b)
F5Words in Sch. A1 para. 14(4)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 521(7)(b) (with Sch. 2 Pts. 1, 2)
F6Words in Sch. A1 para. 14(4)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(8) (with Sch. 2)
F7Words in Sch. A1 para. 14(5) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(c)
F8Sch. A1 para. 14(6) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(d)