SCHEDULE 18 Company tax returns, assessments and related matters
Part VIII Claims for group relief
Claims for more or less than the amount available for surrender
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(1)
A claim for group relief may be made for less than the amount available for surrender at the time the claim is made.
(2)
A claim is ineffective if the amount claimed exceeds the amount available for surrender at the time the claim is made.
(3)
For these purposes the amount available for surrender at any time is calculated as follows.
First step
Determine the total amount available for surrender under section 403 of the Taxes Act 1988—
(a)
on the basis of the information in the company’s company tax return, and
(b)
disregarding any amendments whose effect is deferred under paragraph 31(3).
Second step
Then deduct the total of all amounts for which notices of consent have been given by the company and not withdrawn.
(4)
Where one or more claims are withdrawn on the same day as one or more claims are made, the withdrawals are given effect first.
(5)
Where more than one claim is made on the same day, and the claims together take the amount claimed over the limit of what is available for surrender, F1an officer of Revenue and Customs may determine which of the claims is to be ineffective.
(6)
The power under sub-paragraph (5) shall not be exercised to any greater extent than is necessary to bring the total amount claimed within the amount available for surrender.