Modifications etc. (not altering text)
C1 See—1988 s.434A—limitations on group relief for life assurance company.1989 s.102—surrender of company tax refund etc. within group (from a day to be appointed not earlier than 31March 1992).
C2Pt. 10 Ch. 4 modified (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 5(1)
C3Pt. 10 Ch. 4: The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), reg. 35 to be construed as one with this Chapter (6.4.2006) by virtue of regs. 1, 35(2) of that affecting S.I.
(1)For the purposes of section 403 a trading loss means a loss incurred by the surrendering company in the surrender period in carrying on a trade, computed as for the purposes of section 393A(1).
(2)That section does not apply to a trading loss which would be excluded from section 393A(1) by—
(a)section 393A(3) (foreign trades and certain trades not carried on with a view to gain), or
(b)section 397 (farming and market gardening: restriction on loss relief).
(3)Where a company owned by a consortium—
(a)has in any relevant accounting period incurred a trading loss, and
(b)has profits (of whatever description) of that accounting period against which that loss could be set off under section 393A(1),
the amount of the loss available to a member of the consortium on a consortium claim shall be determined on the assumption that the company has made a claim under section 393A(1) requiring the loss to be so set off.
(4)Where the company mentioned in subsection (3) is a group/consortium company, the amount of the loss available under that subsection shall be determined before any reduction is made under section 405(1) to (3).]
Textual Amendments
F1Ss. 403-403ZE substituted for s. 403 (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 29 (with Sch. 5 para. 73)