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(a) any claim in respect of the chargeable period under section 308(4), 396(2), 396A(3) or 399(2) shall be so restricted that the amount by which the company’s profits of that or any other chargeable period are to be reduced by virtue of the claim shall be 50 per cent of the amount it would have been if this section had not been enacted,

of the company for the accounting period as reduced by any amount set off against that income under section 396A.

(1) Where in any accounting period Subject to section 396C, where in any accounting period a company carrying on a trade incurs a loss in the trade, the company may make a claim requiring that the loss be set off for the purposes of corporation tax against any trading income from the trade in succeeding accounting periods, and (so long as the company continues to carry on the trade) its trading income from the trade in any succeeding accounting period shall then be treated as reduced by the amount of the loss, or by so much of that amount as cannot, on that claim or on a claim (if made) under subsection (2) or section 455(3) subsection (2) or section 396A(3), 396B(2) or 455(3) subsection (2), section 396A(3) or 396B(2), be relieved against income or profits of an earlier accounting period.

“relevant trading loss” has the same meaning as in section 396Abut does not include any amount which is the relevant amount of the loss for the purposes of section 403(4).

(2) Where in any accounting period a company carrying on a trade incurs a relevant trading loss and the amount of the loss exceeds an amount equal to the aggregate of the amounts which could, if a timely claim for such set off had been made by the company, have been set off in respect of that loss for the purposes of corporation tax against income of the company of that accounting period and any preceding accounting period in accordance with section 396A(3), then the company may claim relief under this section in respect of the excess.

(3) (a) Subject to paragraph (b), for the purposes of sections 396 and 397 sections 396, 396A and 397, the amount (which may be nil) of any set-off due to a company against income or profits of an accounting period in respect of a loss from a trade incurred by the company in an accounting period shall—

of the claimant company for its corresponding accounting period as reduced by any amounts allowed as deductions against that income under section 243A or set off against that income under section 396A.

“relevant trading loss” has the same meaning as in section 396Abut does not include any amount which is the relevant amount of the loss for the purposes of section 403(4).

(a) the income of the company in accordance with section 243A or section 396A,

(11) The Tax Acts shall apply to a loss referred to in subsection (2) as they would apply if sections 396A and 420A had not been enacted.

(5) The Tax Acts shall apply to a loss referred to in subsection (4) as they would apply if sections 396A and 420A had not been enacted.

of the claimant company for its corresponding accounting period as reduced by any amounts allowed as deductions against that income under section 243A or set off against that income under section 396A.

(ii) a relevant trading loss under section 396A, and