Point in time view as at 31/01/2013.
Corporation Tax Act 2010, Paragraph 66 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
66(1)In relation to losses incurred in accounting periods ending before 22 April 2009, section 419 (relief for expense under section 417(5) otherwise giving rise to carried forward loss) applies with the following modifications.U.K.
(2)In subsection (1)—
(a)in paragraph (b) omit “or a later accounting period”,
(b)in paragraph (c) omit “after the accounting period in which the loss is made”,
(c)omit paragraph (d), and
(d)in paragraph (e) for “5 years” substitute “ 12 months ”.
(3)For subsection (2) substitute—
“(2)So much of the carried forward loss as derives from the expense under section 417(5) is instead of being carried forward to be treated for corporation tax purposes as an expense.”
(4)In subsection (4) omit “or an expense within subsection (1)(d)(ii)”.
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