Corporation Tax Act 2009 (c. 4)

Part 8 U.K. Intangible fixed assets

Modifications etc. (not altering text)

C1 Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)

Chapter 6 U.K. How credits and debits are given effect

Non-trading credits and debits U.K.

753 Treatment of non-trading losses U.K.

(1) A company that has a non-trading loss on intangible fixed assets for an accounting period may claim to have the whole or part of the loss set off against the company's total profits for that period.

(2) Such a claim must be made—

(a) not later than the end of the period of 2 years immediately following the end of the accounting period to which it relates, or

(b) within such further period as an officer of Revenue and Customs may allow.

(3) To the extent that the loss is not—

(a) set off against total profits on a claim under subsection (1), or

(b) surrendered by way of group relief (see section 403 of ICTA),

it is carried forward to the next accounting period of the company and treated as if it were a non-trading debit of that period.