Corporation Tax Act 2010 (c. 4)

Part 4 U.K. Loss relief

Chapter 2 U.K. Trade losses

Carry forward of trade loss relief U.K.

[F1 45G Section 45F: accounting period falling partly within 3 year period U.K.

(1) This section applies if an accounting period falls partly within the period of 3 years mentioned in section 45F(3)(b).

(2) The amount of the deduction for the unrelieved amount for the accounting period is not to exceed an amount equal to the overlapping proportion of the company's relevant profits of that period.

(3) The overlapping proportion is the same as the proportion that the part of the accounting period falling within the period of 3 years bears to the whole of the accounting period.

(4) In this section “the unrelieved amount” and “relevant profits” have the meaning given by section 45F(7).]

Textual Amendments

F1 Ss. 45A-45H inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 11