Part 8Intangible fixed assets
Chapter 6How credits and debits are given effect
Non-trading credits and debits
753Treatment of non-trading losses
(1)
A company that has a non-trading loss on intangible fixed assets for an accounting period may claim to have the whole or part of the loss set off against the company's total profits for that period.
(2)
Such a claim must be made—
(a)
not later than the end of the period of 2 years immediately following the end of the accounting period to which it relates, or
(b)
within such further period as an officer of Revenue and Customs may allow.
(3)
To the extent that the loss is notF1, in any period (“the reference period”)—
(a)
set off against total profits on a claim under subsection (1), or
(b)
surrendered by way of group relief F2under Part 5 of CTA 2010,
it is carried forward to the next accounting period of the company and treated as if it were a non-trading F3loss on intangible fixed assets for that period.
F4(4)
But subsection (3) does not apply if the company ceased to be a company with investment business in the reference period.
(5)
In the application of subsection (3) to an amount of a loss previously carried forward under that subsection, the reference in paragraph (b) to group relief under Part 5 of CTA 2010 is to be read as a reference to group relief for carried-forward losses under Part 5A of that Act.
(6)
In this section “company with investment business” has the same meaning as in Part 16 (see section 1218B).