Textual Amendments
F1Sch. 19B inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 286(3), Sch. 38
20(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.]