Paragraph 1 of Schedule 26U.K.
34(1)In Schedule 26 to the Taxes Act 1988 (reliefs against liability for tax in respect of chargeable profits apportioned to UK resident company) paragraph 1 (trading losses and group relief etc) shall be amended as follows.U.K.
(2)In sub-paragraph (1) (set-off against liability to tax under section 747(4)(a) where UK resident company entitled to deduction in respect of relevant allowance) the following provisions shall cease to have effect—
(a)paragraph (c) (set-off only available if company has no profits or relevant allowance exceeds profits) and the word “and" immediately preceding that paragraph; and
(b)in the words following paragraph (c), the words “or, as the case may be, of the excess of it referred to in paragraph (c) above".
(3)In sub-paragraph (2)(a) (which defines the appropriate accounting period as that for which by virtue of section 754(2) the company is regarded as assessed to corporation tax in respect of the chargeable profits concerned) for “regarded as assessed to corporation tax" there shall be substituted “ chargeable to tax by virtue of this Chapter ”.
(4)Sub-paragraph (4) (time limit for making claims for group relief) shall cease to have effect.
(5)Sub-paragraph (6) (which modifies section 43 of the M1Taxes Management Act 1970 in its application for the purposes of the paragraph) shall cease to have effect.