147Conditions 1 and 2: surrenderable amounts including trading lossU.K.
(1)This section applies if—
(a)the claimant company makes a claim for group relief based on consortium condition 1,
(b)it is the surrendering company that is owned by the consortium,
(c)the surrendering company's surrenderable amounts for the surrender period include a loss within section 99(1)(a), and
(d)the surrendering company has profits (of any description) of that period from which the loss could be deducted under section 37.
(2)This section also applies if—
(a)the claimant company makes a claim for group relief based on consortium condition 2,
(b)the surrendering company's surrenderable amounts for the surrender period include a loss within section 99(1)(a), and
(c)the surrendering company has profits (of any description) of that period from which the loss could be deducted under section 37.
(3)The amount of group relief to be given on the claim is to be determined on the assumption that—
(a)the surrendering company makes a claim under section 37 in relation to the loss mentioned in subsection (1)(c) or (2)(b), and
(b)relief under that section is to be given in relation to the loss before the group relief is given.
(4)If section 148 also applies in relation to the claim for group relief, in giving effect to subsection (3) of this section the surrenderable amounts for the purposes of subsections (3) and (4) of that section are to be reduced by the amount of relief to be given on the surrendering company's claim as mentioned in subsection (3)(b) of this section.