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Income and Corporation Taxes Act 1988

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Changes over time for: Section 403ZA

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Version Superseded: 01/04/2010

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Status:

Point in time view as at 28/09/2004. This version of this provision has been superseded. Help about Status

Changes to legislation:

Income and Corporation Taxes Act 1988, Section 403ZA is up to date with all changes known to be in force on or before 19 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1403ZA Amounts eligible for group relief: trading losses.U.K.

(1)For the purposes of section 403 a trading loss means a loss incurred by the surrendering company in the surrender period in carrying on a trade, computed as for the purposes of section 393A(1).

(2)That section does not apply to a trading loss which would be excluded from section 393A(1) by—

(a)section 393A(3) (foreign trades and certain trades not carried on with a view to gain), or

(b)section 397 (farming and market gardening: restriction on loss relief).

(3)Where a company owned by a consortium—

(a)has in any relevant accounting period incurred a trading loss, and

(b)has profits (of whatever description) of that accounting period against which that loss could be set off under section 393A(1),

the amount of the loss available to a member of the consortium on a consortium claim shall be determined on the assumption that the company has made a claim under section 393A(1) requiring the loss to be so set off.

(4)Where the company mentioned in subsection (3) is a group/consortium company, the amount of the loss available under that subsection shall be determined before any reduction is made under section 405(1) to (3).]

Textual Amendments

F1Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)

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