SCHEDULES

SCHEDULE 2Temporary extension of periods to which trade losses may be carried back

PART 2Corporation tax

8Meaning of “de minimis claim” etc

1

For the purposes of this Part of this Schedule, a 2020 claim is a “de minimis 2020 claim” if—

a

the total amount of relief given as a result of the claim, when added to the total amount of relief given as a result of any other 2020 claims already made by the company, is under £200,000, and

b

the condition in paragraph (a) would still be met on the assumptions in sub-paragraph (3).

2

For the purposes of this Part of this Schedule, a 2021 claim is a “de minimis 2021 claim” if—

a

the total amount of relief given as a result of the claim, when added to the total amount of relief given as a result of any other 2021 claims already made by the company, is under £200,000, and

b

the condition in paragraph (a) would still be met on the assumptions in sub-paragraph (3).

3

The assumptions are—

a

that the company makes all claims available to it (if any) for allowances under CAA 2001, or any other provision of the Corporation Tax Acts, that would result in an increase in the amount of the loss in respect of which the claim in question is made;

b

that the company does not surrender any amount under Part 5 of CTA 2010 (group relief);

c

that the claim in question is for all of the relief available to the company under section 37 of CTA 2010 by virtue of paragraph 4 in relation to the loss in respect of which the claim is made.

4

In this Part of this Schedule—

a

“non-de minimis 2020 claim” means a 2020 claim that is not a de minimis 2020 claim;

b

“non-de minimis 2021 claim” means a 2021 claim that is not a de minimis 2021 claim;

c

“de minimis claim” means a 2020 de minimis claim or a 2021 de minimis claim;

d

“non-de minimis claim” means a non-de minimis 2020 claim or a non-de minimis 2021 claim.