SCHEDULES

SCHEDULE 1Reliefs

PART 1Carry back or forward of qualifying levy losses

I15Carry forward of qualifying levy losses to subsequent qualifying accounting period

1

This paragraph applies if in a qualifying accounting period a company carrying on a ring fence trade makes a qualifying levy loss in the period.

2

Relief for the loss is given to the company under this paragraph.

3

The relief is given for that part of the loss (“the unrelieved loss”) for which no relief is given under any other provision of this Schedule.

4

For the purposes of the levy—

a

the unrelieved loss is carried forward to subsequent qualifying accounting periods (so long as the company continues to carry on the ring fence trade), and

b

the qualifying levy profits of the ring fence trade of any such period are reduced by the unrelieved loss so far as that loss is not used under this paragraph to reduce profits of an earlier period.