PART X LOSS RELIEF AND GROUP RELIEF
C1CHAPTER IV GROUP RELIEF
F1411A Group relief by way of substitution for loss relief.
1
Group relief may be given in respect of a loss notwithstanding that relief has been given in respect of it under section 393(1).
2
Where group relief in respect of a loss is given by virtue of subsection (1) above, all such assessments or adjustments of assessments shall be made as may be necessary to withdraw the relief in respect of the loss given under section 393(1).
3
An assessment under subsection (2) above shall not be out of time if it is made within one year from the date on which the surrendering company gave the inspector notice of consent to surrender relating to the loss.
4
For the purposes of this section relief under section 393(1) shall be treated as given for losses incurred in earlier accounting periods before losses incurred in later accounting periods.
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).