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Corporation Tax Act 2010
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Changes over time for: Section 40
Version Superseded: 17/07/2013
Alternative versions:
- 01/04/2010- Amendment
- 17/07/2012- Amendment
- 21/12/2012
Point in time - 17/07/2013- Amendment
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Point in time view as at 21/12/2012. This version of this provision has been superseded.
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40Ring fence trades: extension of periods for which relief may be givenU.K.
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adran has no associated
Nodiadau Esboniadol
(1)This section applies if—
(a)in an accounting period a company makes a loss in a ring fence trade (as defined in section 162 of CAA 2001),
(b)the accounting period is an accounting period [F1for which any allowances under section 164 or 403 of CAA 2001 are made to the company in respect of decommissioning expenditure], and
(c)not all the loss is a terminal loss (see section 39(3) above).
(2)Sections 37(3)(b) and 38(1) and (3) have effect in relation to the loss (so far as it is not a terminal loss) as if the references to 12 months were references to 3 years.
(3)But if the loss exceeds [F2the sum of the allowances] mentioned in subsection (1)(b), subsection (2) applies in relation to the loss only so far as it does not exceed [F3that amount].
[F4(3A)In this section “decommissioning expenditure” has the meaning given by section 330C.]
(4)This section is subject to section 41.
Textual Amendments
F1Words in s. 40(1)(b) substituted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 5(2)
F2Words in s. 40(3) substituted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 5(3)(a)
F3Words in s. 40(3) substituted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 5(3)(b)
F4S. 40(3A) inserted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 5(4)
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