Part 14

Change in company ownership
CHAPTER 2C

Disallowance of group relief for carried-forward losses: general provision

Cases where consortium condition 3 or 4 was previously met
676CD
1
If the requirement in subsection (3) is met, section 676CB(3) does not prevent a company from making under section 188CC a claim for group relief for carried-forward losses falling within subsection (2).
2
A claim falls within this subsection if it is—
a
for an accounting period (“the claim period”) ending after the change in ownership, and
b
in relation to an amount surrendered by the transferred company which is a relevant pre-acquisition loss and is attributable to an accounting period of that company specified in the claim (“the specified loss-making period”).
3
The requirement is that consortium condition 3 or consortium condition 4 is met throughout a period which—
a
begins before or during the specified loss-making period, and
b
ends with or after the time when the change in ownership occurs.
4
For the purposes of a claim by virtue of this section, section 188CC(3) has effect as if requirement 3 were omitted.
Pt. 14 Ch. 2C 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. 77
Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20
Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)