Finance Act 2020 (c. 14)

SCHEDULES

SCHEDULE 4 U.K. Corporate capital losses

PART 1 U.K. Corporate capital loss restriction

Minor and consequential amendments to Part 7A of CTA 2010 U.K.

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

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

(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 ”.

38 U.K. 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).”