[F121(1)This paragraph applies if the qualifying activity is [F2[F3an ordinary UK] property business] or an [F4ordinary overseas] property business, and in a chargeable period—U.K.
(a)the company's loss in carrying on that activity is a loss [F5which, as a result of section 87(3) of FA 2012, is treated for the purposes of section 76 of that Act as a deemed BLAGAB management expense for the chargeable period],
(b)an amount falls to be carried forward to a succeeding chargeable period under [F6section 73 of FA 2012] (carrying forward unrelieved expenses on income), and
(c)the company claims a first-year tax credit for the chargeable period.
(2)The total amount which falls to be carried forward to a succeeding chargeable period under [F7section 73 of FA 2012] is treated as reduced by the amount of the loss surrendered.]
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
F2Words in Sch. A1 para. 21(1) substituted (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(11) (with Sch. 2 Pts. 1, 2)
F3Words in Sch. A1 para. 21(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)(e)(i)
F4Words in Sch. A1 para. 21(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)(e)(ii)
F5Words in Sch. A1 para. 21(1)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(6)(a)
F6Words in Sch. A1 para. 21(1)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(6)(b)
F7Words in Sch. A1 para. 21(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(6)(c)