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R is the rate per cent of corporation tax which, by virtue of section 21, applies in relation to the accounting period.

R is the rate per cent of corporation tax which, by virtue of section 21, applies in relation to the accounting period, shall be treated for the purposes of the Tax Acts as an amount of loss relieved against profits of that accounting period.

(a) this section and sections 239, 241, 420B, 440 and 441, and

(a) this section and sections 239, 241, 420B, 440 and 441, and

(b) (i) In this paragraph ‘relevant amount’ means an amount (not being an amount incurred by a company for the purposes of a trade carried on by it) of charges on income, expenses of management or other amount (not being an allowance to which effect is given under section 308(4)) which is deductible from, or may be treated as reducing, profits of more than one description.

“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.

(a) this section and sections 239, 241, 420B, 440 and 441, and

(a) this section and sections 239, 241, 420B, 440 and 441, and

(a) this section and sections 239, 241, 420B, 440 and 441, and

(b) where the company carries on a life business (within the meaning of section 706of the Principal Act), any corporation tax which would be attributable to policyholders’ profits;