68(1)Where the investing company is eligible for loss relief it may make a claim requiring that the loss be set off for the purposes of corporation tax against income—U.K.
(a)of the accounting period in which the loss is incurred, and
(b)if the claim so requires, of accounting periods ending within the preceding 12 month period.
(2)A claim under sub-paragraph (1) must be made within two years after the end of the accounting period in which the loss is incurred.
(3)In this paragraph “the preceding 12 month period” means the 12 months ending immediately before the accounting period in which the loss is incurred.