Schedules

F1SCHEDULE A1First-year tax credits

Annotations:
Amendments (Textual)
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

Part 2Giving effect to first-year tax credits

Restriction on losses carried forward

22

1

This paragraph applies where the qualifying activity is F2basic life assurance and general annuity business and the profits of that business are charged to tax F2in accordance with the I - E rules.

F32

For the purposes of those rules, the total amount which may—

a

be carried forward under section 73 of FA 2012 from a chargeable period in which the company claims a first-year tax credit, and

b

be brought into account for the next chargeable period in accordance with step 5 in section 76 of FA 2012,

is treated as reduced by the amount of the loss surrendered.