SCHEDULES

SCHEDULE 1Reliefs

PART 2Group relief for qualifying levy losses

I16Introduction

1

This Part of this Schedule—

a

allows a company (“the surrendering company”) to surrender a qualifying levy loss it has for a qualifying accounting period to another company (“the claimant company”) that is part of the same group, and

b

enables the claimant company to claim relief from the levy for that loss.

2

The relief mentioned in sub-paragraph (1) is referred to in this Schedule as “levy group relief”.