Sch. 15 para. 5 repealed (31.7.1997 with effect in accordance with s. 20 of the amending Act) by 1997 c. 58, s. 52, Sch. 8 Pt. II(4), Note

Sch. 15 para. 6 repealed (31.7.1997 with effect in accordance with s. 20 of the amending Act) by 1997 c. 58, s. 52, Sch. 8 Pt. II(4), Note

Sch. 15 para. 9 repealed (27.7.1993 with effect in relation to accounting periods ending after the day appointed for the purposes of s. 10 of the Income and Corporation Taxes Act 1988) by 1993 c. 34, s. 213, Sch. 23 Pt.III.

Sch. 15 para. 13 repealed (31.7.1998 with effect in accordance with s. 38(2)(3) of the amending Act) by 1998 c. 36, ss. 38(2)(3), 165, Sch. 27 Pt. III(4), Note

Sch. 15 para. 18 repealed (the repeal coming into force in accordance with s. 39(4)(5) of the repealing Act) by 1995 c. 4, ss. 39(4)(5), 162, Sch. 29 Pt. VIII(1) Note

Sch. 15 para. 26 repealed (31.7.1998 with effect in accordance with s. 38(2)(3) of the amending Act) by 1998 c. 36, ss. 38(2)(3), 165, Sch. 27 Pt. III(4), Note

1963 c. 25.

Sch. 15 para. 16 repealed (with effect in accordance with s. 38 of the amending Act) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(7)

Sch. 15 para. 3 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

Sch. 15 paras. 10-12 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 paras. 19-21 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 para. 4 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 paras. 7, 8 repealed (1.4.2010) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 para. 14 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 para. 17 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

Sch. 15 para. 15 omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(c)(ii)

http://www.legislation.gov.uk/ukpga/1991/31/schedule/15/crossheading/the-income-and-corporation-taxes-act-1988-c-1/2012-07-17Finance Act 1991An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1991-07-25texttext/xmlenStatute Law Database2024-05-17Expert Participation2012-07-17 SCHEDULESSCHEDULE 15 RELIEF FOR COMPANY TRADING LOSSES The Income and Corporation Taxes Act 1988 (c. 1)3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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14

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15

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16

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17

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18

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19

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20

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21

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

In section 825 of that Act, in subsection (4) (restrictions on repayment supplement) after paragraph (b) there shall be added the words

and

c

a repayment of corporation tax or income tax falling to be made as a result of a claim under section 393A(1) to have the whole or any part of a loss incurred in an accounting period set off against profits of an earlier accounting period ( “the earlier period)—

i

shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss was incurred, be treated as a repayment of tax paid for the earlier period; and

ii

in any other case, shall be treated as a repayment of tax paid for the accounting period in which the loss is incurred; and

d

a payment of the whole or part of a tax credit falling to be made as a result of a claim under section 242, to the extent that a surplus of franked investment income for an accounting period (the “earlier period) is treated as there mentioned for the purpose of setting a loss incurred in a later accounting period against total profits under section 393A(1)—

i

shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss is incurred, be treated as a payment in respect of franked investment income received in the earlier period; and

ii

in any other case, shall be treated as a payment in respect of franked investment income received in the accounting period in which the loss is incurred.

23

In section 826 of that Act (interest on tax overpaid) after subsection (7) there shall be inserted—

7A

In any case where—

a

a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period),

b

as a result of a claim under section 393A(1), the whole or any part of that loss is set off for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period ( “the earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period, and

c

a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,

then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that repayment as a result of the claim under section 393A(1), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above.

7B

In any case where—

a

a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period),

b

as a result of a claim under section 242, the whole or any part of a surplus of franked investment income for an earlier accounting period (the “earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period is treated as there mentioned for the purpose of setting the loss against total profits under section 393A(1), and

c

a payment falls to be made of the whole or part of a tax credit comprised in franked investment income received by the company in the earlier period,

then, in determining the amount of interest (if any) payable under this section on the payment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that payment as a result of the claim under section 242 (to the extent that that section relates to section 393A(1)), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above.

24

In section 843 of that Act (commencement) in subsection (4) (exceptions in the case of certain provisions which include section 394) “394” shall be omitted.

25

In Schedule 5 to that Act (treatment of farm animals etc for purposes of Case I of Schedule D) in paragraph 2(3)(a) (election for herd basis to be valid only if made not later than two years after end of the first chargeable period in which relief under section 393(2) given etc) after “393(2)” there shall be inserted “or 393A(1) ”.

26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

271

In Schedule 30 to that Act (transitional provisions and savings) in paragraph 2 (duration of leases) in sub-paragraph (2)(a) (section 38 deemed to have effect as from passing of Finance Act 1963 in respect of relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”.

2

In paragraph 3 of that Schedule (duration of leases) in sub-paragraph (1)(b) (sections 24 and 38 to have effect subject to modifications except to extent that section 38 relates to relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”.

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<note class="commentary F" eId="c12039461">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/5">Sch. 15 para. 5</ref>
repealed (31.7.1997 with effect in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/section/20">s. 20</ref>
of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58">1997 c. 58</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/section/52">s. 52</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/schedule/8/part/II/4">Sch. 8 Pt. II(4)</ref>
, Note
</p>
</note>
<note class="commentary F" eId="c12039471">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/6">Sch. 15 para. 6</ref>
repealed (31.7.1997 with effect in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/section/20">s. 20</ref>
of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58">1997 c. 58</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/section/52">s. 52</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1997/58/schedule/8/part/II/4">Sch. 8 Pt. II(4)</ref>
, Note
</p>
</note>
<note class="commentary F" eId="c12039481">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/9">Sch. 15 para. 9</ref>
repealed (27.7.1993 with effect in relation to accounting periods ending after the day appointed for the purposes of s. 10 of the Income and Corporation Taxes Act 1988) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/34">1993 c. 34</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/34/section/213">s. 213</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/34/schedule/23/part/III">Sch. 23 Pt.III</ref>
.
</p>
</note>
<note class="commentary F" eId="c12039491">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/13">Sch. 15 para. 13</ref>
repealed (31.7.1998 with effect in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/38/2/3">s. 38(2)(3)</ref>
of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36">1998 c. 36</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/38/2/3">ss. 38(2)(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/165">165</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/schedule/27/part/III/4">Sch. 27 Pt. III(4)</ref>
, Note
</p>
</note>
<note class="commentary F" eId="c12039501">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/18">Sch. 15 para. 18</ref>
repealed (the repeal coming into force in accordance with s. 39(4)(5) of the repealing Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1995/4">1995 c. 4</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1995/4/section/39/4/5">ss. 39(4)(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1995/4/section/162">162</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1995/4/schedule/29/part/VIII/1">Sch. 29 Pt. VIII(1)</ref>
Note
</p>
</note>
<note class="commentary F" eId="c12039511">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/26">Sch. 15 para. 26</ref>
repealed (31.7.1998 with effect in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/38/2/3">s. 38(2)(3)</ref>
of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36">1998 c. 36</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/38/2/3">ss. 38(2)(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/165">165</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/schedule/27/part/III/4">Sch. 27 Pt. III(4)</ref>
, Note
</p>
</note>
<note class="commentary M" eId="c12039521">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1963/25">1963 c. 25</ref>
.
</p>
</note>
<note class="commentary F" eId="key-bcf56adc585ccebdb5bf3eb12ab592dd">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/16">Sch. 15 para. 16</ref>
repealed (with effect in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2007/11/section/38">s. 38</ref>
of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2007/11">Finance Act 2007 (c. 11)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2007/11/schedule/27/part/2/7">Sch. 27 Pt. 2(7)</ref>
</p>
</note>
<note class="commentary F" eId="key-db0e71a762a9976ffe312c90c6ca94f3">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/3">Sch. 15 para. 3</ref>
repealed (with effect in accordance with s. 1329(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4">Corporation Tax Act 2009 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/section/1329/1">s. 1329(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/1">Sch. 2 Pts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/2/part/2">2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-70fe56ff2cec19dd7523a1fcc4f79ab1">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/10" upTo="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/12">Sch. 15 paras. 10-12</rref>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-2e60608d13cd0bb6620fd9597935f805">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/19" upTo="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/21">Sch. 15 paras. 19-21</rref>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-2409c5c49be57e236f94b3ef4223a6c2">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/4">Sch. 15 para. 4</ref>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-50c3a43953dcb85f7a730b089e60822a">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/7">Sch. 15 paras. 7</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/8">8</ref>
repealed (1.4.2010) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-462c93fc4c830bb73ab03f2acc232fea">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/14">Sch. 15 para. 14</ref>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-edf73cd084ebbd672bad5f8e7c336cd6">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/17">Sch. 15 para. 17</ref>
repealed (with effect in accordance with s. 1184(1) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4">Corporation Tax Act 2010 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/section/1184/1">s. 1184(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/3/part/1">Sch. 3 Pt. 1</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/4/schedule/2">Sch. 2</ref>
)
</p>
</note>
<note class="commentary F" eId="key-7ecf6b2195d1d26bf36038de92639867">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/15/paragraph/15">Sch. 15 para. 15</ref>
omitted (17.7.2012) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/14">Finance Act 2012 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/14/schedule/16/paragraph/247/c/ii">Sch. 16 para. 247(c)(ii)</ref>
</p>
</note>
</notes>
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<hcontainer name="schedules" eId="d4e74" period="#period9">
<heading> SCHEDULES</heading>
<hcontainer name="schedule" eId="schedule-15" period="#period8">
<num>SCHEDULE 15</num>
<heading> RELIEF FOR COMPANY TRADING LOSSES</heading>
<hcontainer name="crossheading" eId="schedule-15-crossheading-the-income-and-corporation-taxes-act-1988-c-1" period="#period8">
<heading> The Income and Corporation Taxes Act 1988 (c. 1)</heading>
<paragraph eId="schedule-15-paragraph-3" period="#period6">
<num>
<noteRef href="#key-db0e71a762a9976ffe312c90c6ca94f3" marker="F8" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-4" period="#period7">
<num>
<noteRef href="#key-2409c5c49be57e236f94b3ef4223a6c2" marker="F11" class="commentary F"/>
4
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-5" period="#period4">
<num>
<noteRef href="#c12039461" marker="F1" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-6" period="#period4">
<num>
<noteRef href="#c12039471" marker="F2" class="commentary F"/>
6
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-7" period="#period7">
<num>
<noteRef href="#key-50c3a43953dcb85f7a730b089e60822a" marker="F12" class="commentary F"/>
7
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-8" period="#period7">
<num>
<noteRef href="#key-50c3a43953dcb85f7a730b089e60822a" marker="F12" class="commentary F"/>
8
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-9" period="#period2">
<num>
<noteRef href="#c12039481" marker="F3" class="commentary F"/>
9
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-10" period="#period7">
<num>
<noteRef href="#key-70fe56ff2cec19dd7523a1fcc4f79ab1" marker="F9" class="commentary F"/>
10
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-11" period="#period7">
<num>
<noteRef href="#key-70fe56ff2cec19dd7523a1fcc4f79ab1" marker="F9" class="commentary F"/>
11
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-12" period="#period7">
<num>
<noteRef href="#key-70fe56ff2cec19dd7523a1fcc4f79ab1" marker="F9" class="commentary F"/>
12
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-13" period="#period4">
<num>
<noteRef href="#c12039491" marker="F4" class="commentary F"/>
13
</num>
<content>
<blockList class="unordered">
<item>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</item>
</blockList>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-14" period="#period7">
<num>
<noteRef href="#key-462c93fc4c830bb73ab03f2acc232fea" marker="F13" class="commentary F"/>
14
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-15" period="#period8">
<num>
<noteRef href="#key-7ecf6b2195d1d26bf36038de92639867" marker="F15" class="commentary F"/>
15
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-16" period="#period5">
<num>
<noteRef href="#key-bcf56adc585ccebdb5bf3eb12ab592dd" marker="F7" class="commentary F"/>
16
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-17" period="#period7">
<num>
<noteRef href="#key-edf73cd084ebbd672bad5f8e7c336cd6" marker="F14" class="commentary F"/>
17
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-18" period="#period3">
<num>
<noteRef href="#c12039501" marker="F5" class="commentary F"/>
18
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-19" period="#period7">
<num>
<noteRef href="#key-2e60608d13cd0bb6620fd9597935f805" marker="F10" class="commentary F"/>
19
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-20" period="#period7">
<num>
<noteRef href="#key-2e60608d13cd0bb6620fd9597935f805" marker="F10" class="commentary F"/>
20
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-21" period="#period7">
<num>
<noteRef href="#key-2e60608d13cd0bb6620fd9597935f805" marker="F10" class="commentary F"/>
21
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-22" period="#period1">
<num>22</num>
<content>
<p>In section 825 of that Act, in subsection (4) (restrictions on repayment supplement) after paragraph (b) there shall be added the words</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<p class="run-on">and </p>
<paragraph eId="d4e233">
<num>c</num>
<intro>
<p>a repayment of corporation tax or income tax falling to be made as a result of a claim under section 393A(1) to have the whole or any part of a loss incurred in an accounting period set off against profits of an earlier accounting period ( “the earlier period)—</p>
</intro>
<subparagraph eId="d4e239">
<num>i</num>
<content>
<p>shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss was incurred, be treated as a repayment of tax paid for the earlier period; and</p>
</content>
</subparagraph>
<subparagraph eId="d4e245">
<num>ii</num>
<content>
<p>in any other case, shall be treated as a repayment of tax paid for the accounting period in which the loss is incurred; and</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="d4e251">
<num>d</num>
<intro>
<p>a payment of the whole or part of a tax credit falling to be made as a result of a claim under section 242, to the extent that a surplus of franked investment income for an accounting period (the “earlier period) is treated as there mentioned for the purpose of setting a loss incurred in a later accounting period against total profits under section 393A(1)—</p>
</intro>
<subparagraph eId="d4e257">
<num>i</num>
<content>
<p>shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss is incurred, be treated as a payment in respect of franked investment income received in the earlier period; and</p>
</content>
</subparagraph>
<subparagraph eId="d4e263">
<num>ii</num>
<content>
<p>in any other case, shall be treated as a payment in respect of franked investment income received in the accounting period in which the loss is incurred.</p>
</content>
</subparagraph>
</paragraph>
</quotedStructure>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-23" period="#period1">
<num>23</num>
<content>
<p>In section 826 of that Act (interest on tax overpaid) after subsection (7) there shall be inserted—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<subsection eId="d4e276">
<num>7A</num>
<intro>
<p>In any case where—</p>
</intro>
<paragraph eId="d4e282">
<num>a</num>
<content>
<p>a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period),</p>
</content>
</paragraph>
<paragraph eId="d4e288">
<num>b</num>
<content>
<p>as a result of a claim under section 393A(1), the whole or any part of that loss is set off for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period ( “the earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period, and</p>
</content>
</paragraph>
<paragraph eId="d4e294">
<num>c</num>
<content>
<p>a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,</p>
</content>
</paragraph>
<wrapUp>
<p>then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that repayment as a result of the claim under section 393A(1), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above.</p>
</wrapUp>
</subsection>
<subsection eId="d4e302">
<num>7B</num>
<intro>
<p>In any case where—</p>
</intro>
<paragraph eId="d4e308">
<num>a</num>
<content>
<p>a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period),</p>
</content>
</paragraph>
<paragraph eId="d4e314">
<num>b</num>
<content>
<p>as a result of a claim under section 242, the whole or any part of a surplus of franked investment income for an earlier accounting period (the “earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period is treated as there mentioned for the purpose of setting the loss against total profits under section 393A(1), and</p>
</content>
</paragraph>
<paragraph eId="d4e320">
<num>c</num>
<content>
<p>a payment falls to be made of the whole or part of a tax credit comprised in franked investment income received by the company in the earlier period,</p>
</content>
</paragraph>
<wrapUp>
<p>then, in determining the amount of interest (if any) payable under this section on the payment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that payment as a result of the claim under section 242 (to the extent that that section relates to section 393A(1)), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above.</p>
</wrapUp>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-24" period="#period1">
<num>24</num>
<content>
<p>In section 843 of that Act (commencement) in subsection (4) (exceptions in the case of certain provisions which include section 394) “394” shall be omitted.</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-25" period="#period1">
<num>25</num>
<content>
<p>
In Schedule 5 to that Act (treatment of farm animals etc for purposes of Case I of Schedule D) in paragraph 2(3)(a) (election for herd basis to be valid only if made not later than two years after end of the first chargeable period in which relief under section 393(2) given etc) after “393(2)” there shall be inserted
<mod>
<quotedText>“or 393A(1) ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-26" period="#period4">
<num>
<noteRef href="#c12039511" marker="F6" class="commentary F"/>
26
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="schedule-15-paragraph-27" period="#period1">
<num>27</num>
<subparagraph eId="schedule-15-paragraph-27-1">
<num>1</num>
<content>
<p>
In Schedule 30 to that Act (transitional provisions and savings) in paragraph 2 (duration of leases) in sub-paragraph (2)(a) (section 38 deemed to have effect as from passing of
<noteRef href="#c12039521" marker="M1" class="commentary M"/>
Finance Act 1963 in respect of relief under section 385 or 393) after “393” there shall be inserted the words
<mod>
<quotedText>“or 393A(1) ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-15-paragraph-27-2">
<num>2</num>
<content>
<p>
In paragraph 3 of that Schedule (duration of leases) in sub-paragraph (1)(b) (sections 24 and 38 to have effect subject to modifications except to extent that section 38 relates to relief under section 385 or 393) after “393” there shall be inserted the words
<mod>
<quotedText>“or 393A(1) ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>