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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 20
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- 22/07/2004- Amendment
- 27/09/2005
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Income and Corporation Taxes Act 1988, Paragraph 20 is up to date with all changes known to be in force on or before 19 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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The non-qualifying poolU.K.
[F120(1)The non-qualifying pool consists of the company’s non-qualifying losses, allocated to the pool in accordance with sub-paragraph (2).
(2)A non-qualifying loss is allocated to the pool by adding the amount of the non-qualifying loss to the pool in the period of the loss.
(3)In the case of a non-qualifying loss incurred in an accounting period ending on or before 31st December 2003, the period of the loss shall be taken for the purposes of sub-paragraph (2) to be the first accounting period of the company that ends on or after 1st January 2004.
(4)The amount in the non-qualifying pool is subject to reductions in accordance with the following provisions of this Part of this Schedule.
(5)Where a reduction in the amount in the non-qualifying pool falls to be made in any accounting period—
(a)the reduction is to be made after the addition to the pool of any non-qualifying loss allocated to the pool in that period in accordance with sub-paragraph (2), and
(b)references to the amount in the non-qualifying pool shall be construed accordingly.]
Textual Amendments
F1Sch. 19B inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 286(3), Sch. 38
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