408 Corresponding accounting periods.U.K.
(1)M1For the purposes of group relief an accounting period of the claimant company which falls wholly or partly within an accounting period of the surrendering company corresponds to that accounting period.
(2)If an accounting period of the surrendering company and a corresponding accounting period of the claimant company do not coincide—
(a)the amount which may be set off against the total profits of the claimant company for the corresponding accounting period shall be reduced by applying the fraction—
(if that fraction is less than unity); and
(b)the total profits of the claimant company for the corresponding accounting period shall be reduced by applying the fraction—
(if that fraction is less than unity);
where—
A is the length of the period common to the two accounting periods;
B is the length of the accounting period of the surrendering company;
C is the length of the corresponding accounting period of the claimant company.
Marginal Citations
M1Source—1970 s.261