SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 2Restriction on deductions in respect of carried-forward losses

20

1

Section 269CC (restriction on deductions for pre-1 April 2015 management expenses etc) is amended as follows.

2

In subsection (3) for the words from “does not apply” to the end substitute “ is subject to subsection (8) ”.

3

In subsection (7)—

a

in the second sentence of step 1, for “269CD” substitute “ 269ZD(5) ”,

b

in step 2 for the words from “which are” to the end substitute

under—

a

section 45 (carry forward of pre-1 April 2017 trade loss against subsequent trade profits),

b

section 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits), or

c

section 457 of CTA 2009 (carry forward of pre-1 April 2017 non-trading deficits from loan relationships).

4

After subsection (7) insert—

8

Subsection (2) does not apply in relation to a banking company for an accounting period where, in determining the company's relevant profits for the period, the amount given by step 1 in section 269ZF(3) is not greater than nil.