[F1806H Surrender of relievable tax by one company in a group to another.U.K.
(1)The Board may by regulations make provision for, or in connection with, allowing a company which is a member of a group to surrender all or any part of the amount of the relievable tax arising to it in an accounting period to another company which is a member of that group at the time, or throughout the period, prescribed by the regulations.
(2)The provision that may be made under subsection (1) above includes provision—
(a)prescribing the conditions which must be satisfied if a surrender is to be made;
(b)determining the amount of relievable tax which may be surrendered in any accounting period;
(c)prescribing the conditions which must be satisfied if a claim to surrender is to be made;
(d)prescribing the consequences for tax purposes of a surrender having been made;
(e)allowing a claim to be withdrawn and prescribing the effect of such a withdrawal.
(3)Regulations under subsection (1) above—
(a)may make different provision for different cases; and
(b)may contain such supplementary, incidental, consequential or transitional provision as the Board may think fit.
(4)For the purposes of subsection (1) above a company is a member of a group if the conditions prescribed for that purpose in the regulations are satisfied.]
Textual Amendments
F1Ss. 806A-806H, 806J and cross-heading inserted (with effect in accordance with Sch. 30 para. 21(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 30 para. 21(1)