Capital Allowances Act 2001

[F1 11 (1) This paragraph applies where the qualifying activity is a trade [F2 , a UK furnished holiday lettings business or an EEA furnished holiday lettings business] and paragraph 14 or 16 does not apply. U.K.

(2) The amount of the loss that is unrelieved is the amount of the loss, reduced by the amount of—

(a) any relief that was or could have been obtained by the company making a claim under [F3 section 37(3)(a) of CTA 2010 to deduct the loss from total profits] of the same chargeable period,

(b) any other relief obtained by the company making a claim under [F4 section 37(3)(b) or 42 of that Act (losses deducted from] profits of an earlier chargeable period),

(c) any loss that was or could have been surrendered under [F5 Part 5] of that Act (surrender of relief to group or consortium members),

(d) any loss surrendered under a relevant tax credit provision, and

(e) any amount set off against the loss under [F6 Chapter 7 of Part 4] of that Act (write-off of government investment).

(3) For this purpose no account is to be taken of any losses—

(a) brought forward from an earlier chargeable period under [F7 section 45 of CTA 2010],

(b) carried back from a later chargeable period under [F8 section 37(3)(b) or 42] of that Act, or

(c) incurred on a leasing contract (within the meaning of [F9 section 53] of that Act) in circumstances to which that section applies.

(4) In sub-paragraph (2)(d) “relevant tax credit provision” means—

[F10 (a) Chapter 2 or 7 of Part 13 of CTA 2009 (tax credits for expenditure on research and development or vaccine research etc),

(b) Chapter 3 of Part 14 of that Act (tax credits for remediation of contaminated land), [F11 and]

(c) Chapter 3 of Part 15 of that Act (film tax credits).]]

[F12 (d) Chapter 3 of Part 15A of that Act (television tax credits), and

(e) Chapter 3 of Part 15B of that Act (video game tax credits).]

Textual Amendments

F1 Sch. A1 inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 5

F2 Words in Sch. A1 para. 11(1) substituted (with effect in accordance with Sch. 14 para. 13 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 12(16)(b)

F3 Words in Sch. A1 para. 11(2)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(a) (with Sch. 2)

F4 Words in Sch. A1 para. 11(2)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(b) (with Sch. 2)

F5 Words in Sch. A1 para. 11(2)(c) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(c) (with Sch. 2)

F6 Words in Sch. A1 para. 11(2)(e) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(d) (with Sch. 2)

F7 Words in Sch. A1 para. 11(3)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(e) (with Sch. 2)

F8 Words in Sch. A1 para. 11(3)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(f) (with Sch. 2)

F9 Words in Sch. A1 para. 11(3)(c) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 364(5)(g) (with Sch. 2)

F10 Sch. A1 para. 11(4)(a)-(c) substituted for Sch. A1 para. 11(4)(a)-(d) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 521(5) (with Sch. 2 Pts. 1, 2)

F11 Word in Sch. A1 para. 11(4)(b) omitted (with effect in accordance with Sch. 18 para. 23 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 18 paras. 6, 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)

F12 Sch. A1 para. 11(4)(d)(e) inserted (with effect in accordance with Sch. 18 para. 23 of the amending Act) by Finance Act 2013 (c. 29), Sch. 18 paras. 6, 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)