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(a) income specified in section 21A(4)(b),

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

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

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

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

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

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

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

“relevant trading income” has the same meaning as it has 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.

(c) (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.

(2) Notwithstanding subsection (1) of section 396, where a company claims that a loss incurred in a trade, the operations or activities of which consist of or include dealing in residential development land, in an accounting period ending on or before 31 December 2008 be set off against trading income of an accounting period beginning after that date, the said subsection (1) shall apply as if the amount of the loss so far as it relates to dealing in residential development land were reduced by 20 per cent.

(3) Notwithstanding subsection (2) of section 396, for the purposes of that subsection the amount of a loss incurred by a company in an accounting period in a trade, the operations or activities of which consist of or include dealing in residential development land, shall be deemed to be reduced—

(12) Subsections (3) to (11) shall apply in respect of any claim to relief under section 396(2) in respect of a loss in a trade, the operations or activities of which consist of or include dealing in residential development land and the claim is made on or after 7 April 2009.

(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.

(13) Notwithstanding subsection (1) of section 397, where, on or before 31 December 2008, a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, has incurred a loss in the trade, in any accounting period falling wholly or partly within the period of 12 months ending on the day the company ceased to carry on the trade, then, for the purposes of subsection (1) of that section, the amount of that loss shall be deemed to be reduced by the lesser of—

(14) Notwithstanding subsection (1) of section 397, where, on or after 1 January 2009, a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, has incurred a loss in the trade, in any accounting period falling wholly or partly within the period of 12 months ending on the day the company ceased to carry on the trade, and falling wholly or partly before 1 January 2009, then, for the purposes of subsection (1) of that section, the amount of that loss shall be deemed to be reduced—

(15) Where a company ceasing to carry on a trade, the operations or activities of which include dealing in residential development land, makes a claim under section 397 in respect of a loss incurred in that trade and the loss is reduced under subsection (13) or (14) for an accounting period, then, subject to subsection (17) and to any relief for earlier losses, the company may claim relief under this subsection for that accounting period in respect of the amount by which the loss has been reduced.

(18) Where relief is claimed under section 397 in respect of an accounting period and the amount of loss, in respect of which relief is claimed, is reduced by virtue of subsection (2) subsection (13) or (14), then, for the purposes of granting relief under that section—

(19) Subsections (13) to (18) shall apply in any case where a claim for relief under section 397 is made on or after 7 April 2009 in respect of a loss in a trade, the operations or activities of which include dealing in residential development land.

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

(20) (a) Notwithstanding subsections (1) and (6) of section 420 and section 421, where in an accounting period ending before 31 December 2009 the surrendering company has incurred a loss in a trade, the operations or activities of which consist of or include dealing in residential development land, then an amount of the loss, determined in accordance with paragraph (b), may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period.

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

(20) (a) Notwithstanding subsections (1) and (6) of section 420 and section 421, where in an accounting period ending before 31 December 2009 the surrendering company has incurred a loss in a trade, the operations or activities of which consist of or include dealing in residential development land, then an amount of the loss, determined in accordance with paragraph (b), may not be set off for the purposes of corporation tax against the total profits of the claimant company for its corresponding accounting period.

(24) For the purposes of subsections (21) and (22), in the case of a claim made by a company as a member of a consortium only a fraction of a restricted loss 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) this section and sections 239, 241, 420B, 440 and 441, and

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

“residential development land” has the same meaning as it has in section 644A(1).

“corporation tax referable to dealing in residential development land”, in relation to an accounting period of a company, means the corporation tax referable to trading income from dealing in residential development land within the meaning of subsection (2) of section 644B as reduced under that section;

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

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

(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 I 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 I of Schedule D and section 710(1).