Link Report

(ii) so as to reduce the profits of a claimant company which carries on life business (within the meaning of section 706) by an amount greater than the amount of such profits (before a set off under this subsection) computed in accordance with Case 1 of Schedule D and section 710(1).

(a) so much of the loss as is a loss incurred in an excepted trade within the meaning of section 21A, and

(i) income specified in section 21A(4)(b) section 21A(4), and

(iii) income to which section 21A(3) does not apply by virtue of section 21B,

(iii) income to which section 21A(3) does not apply by virtue of section 21B,

“relevant trading charges on income” and “relevant trading income” have the same meanings, respectively, as in section 243A;

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.

(3) (a) Subject to section 456, where Where in any accounting period the surrendering company incurs a relevant trading loss, computed as for the purposes of section 396(2), or an excess of relevant trading charges on income in carrying on a trade in respect of which the company is within the charge to corporation tax, that loss or excess may be set off for the purposes of corporation tax against—

(i) to so much of a loss as is excluded from section 396(2) by section 396(4) or 663, or

(i) to so much of a loss as is excluded from section 396(2) by section 396(4) or 663, or

(b) after the relief granted under section 396 in respect of a loss incurred in a preceding accounting period or periods.

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.

(a) before relief granted under section 397 in respect of a loss incurred in a succeeding accounting period or periods, and

(b) any amount which is or would, if subsection (8) of section 403 had not been enacted, be the relevant amount of the loss for the purposes of subsection (4) of that section.

(2) Notwithstanding subsections (1) and (6) of section 420 and section 421, where in any accounting period the surrendering company incurs a relevant trading loss or an excess of relevant trading charges on income, that loss or excess may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period.

(2) Notwithstanding subsections (1) and (6) of section 420 and section 421, where in any accounting period the surrendering company incurs a relevant trading loss or an excess of relevant trading charges on income, that loss or excess may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period.

(5) For the purposes of this section in the case of a claim made by a company as a member of a consortium, only a fraction of a relevant trading loss or an excess of relevant trading charges on income may be set off, and that fraction shall be equal to that member’s share in the consortium, subject to any further reduction under section 422(2).

(i) to so much of a loss as is excluded from section 396(2) by section 396(4) or 663, or

(ii) so as to reduce the profits of a claimant company which carries on life business (within the meaning of section 706) by an amount greater than the amount of such profits (before a set off under this subsection) computed in accordance with Case 1 of Schedule D and section 710(1).

(ii) so as to reduce the profits of a claimant company which carries on life business (within the meaning of section 706) by an amount greater than the amount of such profits (before a set off under this subsection) computed in accordance with Case 1 of Schedule D and section 710(1).