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(b) Relief for a relevant foreign loss shall be given after relief for any losses (including relief for losses under section 397) which are not relevant foreign losses.

“foreign loss” means a loss or other amount eligible for group relief in accordance with section 411(2A);

“surrendering state” means the relevant Member State in which the surrendering company referred to in section 411(2A) is resident for the purposes of tax.

(7) For the purpose of giving effect to this section “accounting period”, in relation to a surrendering company, means a period which would be an accounting period of the company if the company became resident in the State, and accordingly within the charge to corporation tax, at the time when it became a 75 per cent subsidiary referred to in section 411(2A)(a)(ii).

(a) corresponds to an amount of a kind that, for the purposes of section 420 or 420A, could be available for surrender by means of group relief by a company resident in the State,

(a) corresponds to an amount of a kind that, for the purposes of section 420 or 420A, could be available for surrender by means of group relief by a company resident in the State,

(3) (a) Subject to subsection (4), where in any accounting period the surrendering company has incurred a relevant foreign loss, then the amount of the loss shall be treated (with any necessary modifications) for the purposes of sections 420A and 420B as a relevant trading loss incurred by the surrendering company in the accounting period.

(3) (a) Subject to subsection (4), where in any accounting period the surrendering company has incurred a relevant foreign loss, then the amount of the loss shall be treated (with any necessary modifications) for the purposes of sections 420A and 420B as a relevant trading loss incurred by the surrendering company in the accounting period.