Version Superseded: 17/07/2013
Point in time view as at 31/01/2013. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 40 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.
(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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