C1C2C3C4C5Part 5Loan Relationships
Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)
Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)
Pt. 5 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 2; S.I. 2011/2576, art. 5
C5Chapter 10Insurance companies
Treatment of deficit on basic life assurance and general annuity business
389C5Claim to carry back deficit
1
If the deficit exceeds the income and gains for the deficit period referred to in section 388(1), the company may make a claim for the whole or part of the excess (“the claim amount”)—
a
to be carried back for up to 3 accounting periods ending within the permitted period, and
b
to be set off against the available profits of the company in those periods in accordance with subsection (2).
2
The claim amount reduces the company's available profits in the most recent accounting period of the company, before any remainder reduces those in the next most recent accounting period and then those in the next most recent accounting period.
F12A
If any of the claim amount is carried back in accordance with this section to an accounting period, the amount which is so carried back is to be left out of account for the purpose of applying section 93 of FA 2012 in the case of that period.
3
For the meaning of “available profits”, see section 390.
4
In this section and that section “permitted period” means the period of 12 months immediately before the deficit period.
5
A claim under this section must be made—
a
within the period of 2 years after the end of the deficit period, or
b
within such further period as an officer of Revenue and Customs allows.
Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)