SCHEDULES

SCHEDULE 1Reliefs

PART 2Group relief for qualifying levy losses

I110Giving of levy group relief

1

If a claimant company makes a claim under paragraph 9, the relief is to be given by way of deduction from the company’s qualifying levy profits for the claim period.

2

The amount of the deduction is—

a

an amount equal to the surrendering company’s surrenderable amounts for the surrender period, or

b

if the claim is in relation to only part of those amounts, an amount equal to that part.

3

The deduction under this paragraph is to be made after any relief under paragraph 1.