[F1403ZB Amounts eligible for group relief: excess capital allowances.U.K.
(1)For the purposes of section 403 excess capital allowances means capital allowances falling to be made to the surrendering company for the surrender period which—
(a)are to be given by discharge or repayment of tax, and
(b)are to be available primarily against a specified class of income,
to the extent to which their amount exceeds the company’s income of the relevant class arising in that period.
(2)In determining the amount of the allowances falling to be made for the surrender period, no account shall be taken of any allowances carried forward from an earlier period.
(3)The amount of the company’s income of the relevant class means its amount before deduction of—
(a)losses of any other period, or
(b)capital allowances.]
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)