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.