714(1)Amend paragraph 3 of Schedule 6 (temporary extension of carry back of losses) as follows.U.K.
(2)For sub-paragraph (1) substitute—
“(1)Sections 37(3)(b) and 38(1) and (3) of CTA 2010 (trade loss relief against profits of same or earlier accounting period) have effect in relation to any loss to which this paragraph applies as if the references to 12 months were references to 3 years (but subject as follows).”
(3)In sub-paragraph (4) for “set off under section 393A of ICTA” substitute “ relieved under section 37 of CTA 2010 ”.
(4)For sub-paragraph (6) substitute—
“(6)The reference in subsection (2) of section 40 of CTA 2010 to the loss mentioned in subsection (1)(a) of that section (so far as not a terminal loss and so far as not exceeding the allowance mentioned in subsection (1)(b) of that section) (“the section 40 loss”) has effect in relation to a relevant accounting period as a reference to so much of the section 40 loss as exceeds that which can be set off under section 37 by virtue of this paragraph.”