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Corporation Tax Act 2009
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Changes over time for: Section 1158
Changes to legislation:
Corporation Tax Act 2009, Section 1158 is up to date with all changes known to be in force on or before 12 December 2024. 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.
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- s. 1058B(5)(ea) inserted by 2023 c. 20 Sch. para. 57
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 1058B(5)(ea) inserted by 2023 c. 20 Sch. para. 57
1158Restriction on losses carried forward where tax credit claimedU.K.
This section has no associated Explanatory Notes
(1)For the purposes of [F1section 62 of CTA 2010 (relief for losses made in UK property business)] a company's UK property business loss for an accounting period in which it claims a land remediation tax credit to which it is entitled is treated as reduced by the amount of the surrendered loss for the period.
(2)For the purposes of [F2[F3sections 45, 45A and 45B] of CTA 2010] (relief of trading losses against future F4... profits) a company's trading loss for an accounting period in which it claims a land remediation tax credit to which it is entitled is treated as reduced by the amount of the surrendered loss for the period.
(3)Subsection (4) applies (instead of subsection (1)) if in an accounting period—
[F5(a)as a result of section 87(3) of FA 2012, a company's UK property business loss is treated for the purposes of section 76 of that Act as a deemed BLAGAB management expense for the accounting period,]
(b)an amount falls to be carried forward to a subsequent accounting period under [F6section 73 of FA 2012] (unrelieved expenses carried forward), and
(c)the company claims a land remediation tax credit for the period.
(4)The amount which falls to be carried forward to a subsequent accounting period under [F7section 73 of FA 2012] is treated as reduced by the amount of the surrendered loss for the period.
(5)References in this section to “the amount of the surrendered loss” for an accounting period are to the amount of any qualifying land remediation loss in respect of which a land remediation tax credit is claimed for the period.
Textual Amendments
F1Words in s. 1158(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 678(2) (with Sch. 2)
F2Words in s. 1158(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 678(3) (with Sch. 2)
F3Words in s. 1158(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 138(a)
F4Word in s. 1158(2) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 138(b)
F5S. 1158(3)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 194(2)(a)
F6Words in s. 1158(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 194(2)(b)
F7Words in s. 1158(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 194(3)
Modifications etc. (not altering text)
C1S. 1158(2) excluded by 2010 c. 4, s. 357QD (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)
C2S. 1158(5) excluded by 2010 c. 4, s. 357QD (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)
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