327Reductions in respect of utilised ring fence lossesU.K.
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(1)If one or more ring fence losses are used under section 45 (carry forward of trade loss against subsequent trade profits) to reduce any profits of a post-commencement period, reductions are to be made in that period in accordance with this section.
(2)If the company has a non-qualifying pool, the amount in the non-qualifying pool is to be reduced (but not below nil) by setting against it a sum equal to the total amount used as mentioned in subsection (1).
(3)If—
(a)any of that sum remains after being so set against the amount in the non-qualifying pool, or
(b)the company does not have a non-qualifying pool,
the amount in the ring fence pool is to be reduced (but not below nil) by setting against it so much of that sum as so remains or (as the case may be) a sum equal to the total amount used as mentioned in subsection (1).
(4)If the post-commencement period is the deemed accounting period under section 309(3) beginning on 1 January 2006 (“the deemed accounting period”), the amount of the profits of the deemed accounting period is determined as follows.
(5)The amount of the profits of the straddling period is apportioned to the deemed accounting period in proportion to the number of days in the deemed accounting period that fall in the straddling period.
(6)The apportioned amount is taken for the purposes of this section to be the amount of the profits of the deemed accounting period.
(7)In this section “the straddling period”, in relation to a qualifying company, means an accounting period of the company—
(a)beginning before 1 January 2006, and
(b)ending on or after that date,
disregarding section 309(3).