Capital Allowances Act 2001 (c. 2)

Schedules

[F1 SCHEDULE A1 U.K. First-year 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

Part 2 U.K. Giving effect to first-year tax credits

Restriction on losses carried forward] U.K.

22 (1) This paragraph applies where the qualifying activity is [F2 basic life assurance and general annuity business] and the profits of that business are charged to tax [F2 in accordance with the I - E rules]. U.K.

[F3 (2) 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.]

Textual Amendments

F2 Words in Sch. A1 para. 22(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(7)(a)

F3 Sch. A1 para. 22(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(7)(b)