Income and Corporation Taxes Act 1988

The qualifying poolU.K.

[F121(1)The qualifying pool consists of—

(a)the company’s qualifying E&A losses, allocated to the pool in accordance with sub-paragraph (2)(a), and

(b)the company’s post-commencement supplement, allocated to the pool in accordance with sub-paragraph (2)(b).

(2)The allocation of qualifying E&A losses and post-commencement supplement to the pool is as follows—

(a)the amount of a qualifying E&A loss is added to the pool in the period of the loss, and

(b)if any post-commencement supplement is allowed on a claim in respect of a post-commencement period, the amount of that supplement is added to the pool in that period.

(3)The amount in the qualifying pool is subject to reductions in accordance with the following provisions of this Part of this Schedule.

(4)Where a reduction in the amount in the qualifying pool falls to be made in any accounting period, the reduction is to be made—

(a)after the addition to the pool of the amount of any qualifying E&A losses allocated to the pool in that period in accordance with sub-paragraph (2)(a), but

(b)before determining, and adding to the pool, the amount of any supplement claimed in respect of the period,

and references to the amount in the pool shall be construed accordingly.]

Textual Amendments