Finance Act 2002

Foreign tax on items giving rise to a non-trading credit U.K.

55 (1) Section 797A is amended as follows.

(2) In subsection (5) (which specifies certain amounts under section 83 of the Finance Act 1996 (c. 8) which are to be aggregated for the purposes of subsection (4))—

(a) in paragraph (a)—

(i) for “(2)(b), (c) or (d)” substitute “ (2)(c) ”; and

(ii) for the words from “(group relief” to “deficits)” substitute “ (deficit carried back and set against profits) ”;

(b) after paragraph (a) insert—

“(aa) so much of any non-trading deficit for that period as is surrendered as group relief by virtue of section 403 of the Taxes Act 1988; and”;

and

(c) in paragraph (b), for “(3)” substitute “ (3A) ”.

(3) In subsection (6), for “in pursuance of a claim under section 83(2)(d)” substitute “ under section 83(3A) ”.