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Finance Act 2002

Changes over time for: Paragraph 19

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Deficit carried forward and set against non-trading profits of succeeding accounting periodsU.K.

19(1)Paragraph 4 of Schedule 8 (claim to carry forward deficit to next accounting period) is amended as follows.

(2)For sub-paragraph (1) (application of paragraph) substitute—

“(1)This paragraph applies where, pursuant to section 83(3A) of this Act, any of the deficit for a deficit period is to be carried forward and set against non-trading profits for succeeding accounting periods.”.

(3)In sub-paragraph (2) (treatment of amount to which the claim relates) for “The amount to which the claim relates” substitute “ The amount carried forward from the deficit period, reduced by any amount claimed under sub-paragraph (3) below, ”.

(4)Re-number sub-paragraph (3) (definition of “non-trading profits”) as sub-paragraph (6) and before that sub-paragraph insert—

“(3)The company may make a claim for so much of the amount carried forward from the deficit period as may be specified in the claim to be excepted from being set against non-trading profits of the accounting period immediately following the deficit period.

(4)Any claim under sub-paragraph (3) above must be made before the expiration of the period of 2 years following the end of that accounting period.

(5)So much of the amount carried forward from the deficit period as—

(a)cannot be relieved under sub-paragraph (2) above against non-trading profits of the accounting period immediately following the deficit period, or

(b)is the subject of a claim under sub-paragraph (3) above in respect of that accounting period,

shall be treated for the purposes of this Chapter as if it were an amount of non-trading deficit on the company’s loan relationships for that accounting period which, pursuant to section 83(3A) of this Act, falls to be carried forward and set against non-trading profits of succeeding accounting periods (and this paragraph shall apply accordingly).”.

(5)In consequence of the amendments made by this paragraph—

(a)the heading to that paragraph becomes “ Carry forward of deficit to succeeding accounting periods ”; and

(b)in the title of the Schedule, “claims” becomes “ claims etc ”.

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