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Income and Corporation Taxes Act 1988
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- UK Public General Acts
- 1988 c. 1
- SCHEDULE 19B
- Part 4
- Paragraph 15
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Income and Corporation Taxes Act 1988, Paragraph 15 is up to date with all changes known to be in force on or before 11 November 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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Valid from 22/07/2004
Supplement in respect of a post-commencement periodU.K.
15(1)A qualifying company which incurs a qualifying E&A loss (see paragraph 17) in a post-commencement period may claim supplement under this Part of this Schedule (“post-commencement supplement”) in respect of—
(a)that period, or
(b)any subsequent accounting period in which it carries on its ring fence trade.
(2)Any post-commencement supplement allowed on a claim in respect of a post-commencement period shall be treated for the purposes of the Corporation Tax Acts (other than this Part of this Schedule) as if it were a loss—
(a)incurred in carrying on the ring fence trade in that period,
(b)which falls in whole to be set off under section 393 against trading income from the ring fence trade in succeeding accounting periods.
(3)Paragraph 74 of Schedule 18 to the Finance Act 1998 (company tax returns etc: time limit for claims for group relief) shall apply in relation to a claim for post-commencement supplement as it applies in relation to a claim for group relief.
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