SCHEDULE 24ASSUMPTIONS FOR CALCULATING CHARGEABLE PROFITS, CREDITABLE TAX AND CORRESPONDING UNITED KINGDOM TAX OF FOREIGN COMPANIES
Losses in pre-direction accounting periods
9
(1)
F1. . . This paragraph applies in any case where the company incurred a loss in a trade in an accounting period—
(a)
which precedes the first accounting period in respect of which F2an apportionment under section 747(3) falls to be made (“the starting period”); and
(b)
which ended less than six years before the beginning of the starting period; and
(c)
in which the company was not resident F3, and is not to be assumed by virtue of paragraph 2(1)(b) above to have been resident, in the United Kingdom;
and in this paragraph any such accounting period is referred to as a “ F4pre-apportionment period”.
(2)
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
If a claim is made for the purpose by the United Kingdom resident company or companies referred to in paragraph 4(2) above, the chargeable profits (if any) of the company for accounting periods beginning with that F4pre-apportionment period which is specified in the claim and in which a loss is incurred as mentioned in sub-paragraph (1) above shall be determined (in accordance with the provisions of this Schedule other than this paragraph) on the assumption that that F4pre-apportionment period was the first accounting period in respect of which F6an apportionment under section 747(3) fell to be made.
F7(4)
A claim under sub-paragraph (3) above shall be made by notice given to an officer of the Board within the period of twenty months following the end of the starting period or within such longer period as the Board may in any particular case allow.
(5)
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(7)
Nothing in—
(a)
paragraph 10 of Schedule 18 to the Finance Act 1998 (claims or elections in company tax returns), or
(b)
Schedule 1A to the Management Act (claims or elections not included in returns),
shall apply, whether by virtue of section 754 or otherwise, to a claim under sub-paragraph (3) above.