This section has no associated Explanatory Notes
[F119(1)For the purposes of the relieving provisions (see paragraph 20), the company's loss from the qualifying activity for a chargeable period in which it claims a first-year tax credit is treated as reduced by the amount of the loss surrendered.U.K.
(2)For the purposes of this Schedule, the amount of the loss surrendered is—
(a)where the amount of first-year tax credit mentioned in paragraph 2(1)(a) is claimed, the whole of the surrenderable loss for that period, and
(b)where less than that amount is claimed, a corresponding proportion of the surrenderable loss for that period.]
Textual Amendments
F1Sch. 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