SCHEDULES

SCHEDULE 4Corporate capital losses

PART 1Corporate capital loss restriction

Minor and consequential amendments to Part 7A of CTA 2010

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Part 7A of CTA 2010 (banking companies: restrictions on obtaining certain deductions) is amended as follows.

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(1)

Section 269CB (restriction on deductions for non-trading deficits from loan relationships) is amended as follows.

(2)

In subsection (2)—

(a)

for “relevant non-trading profits”, in both places it occurs, substitute “ total relevant non-trading profits ”, and

(b)

for “subsection (2)” substitute “ subsection (2B) ”.

(3)

In subsection (3), for “relevant non-trading profits”, in both places it occurs, substitute “ total relevant non-trading profits ”.

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In section 269CN (definitions)—

(a)

omit the definition of “relevant non-trading profits”, and

(b)

at the end insert—

““total relevant non-trading profits”, in relation to a company, has the meaning given by section 269ZF(2B).”