Version Superseded: 12/02/2019
Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Cross Heading: Incurring a loss in carrying on a qualifying activity.
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
4U.K.Paragraphs 5 to 9 apply for the interpretation of paragraph 1(2)(b).
5(1)This paragraph applies where the qualifying activity is [F2an ordinary UK property business or an ordinary overseas property business] and paragraph 7 does not apply.U.K.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss incurred in carrying on that part of the business (if any) to which [F3sections 62 and 63 of CTA 2010 (UK property business losses) apply (see section 64 of that Act)].
Textual Amendments
F2Words in Sch. A1 para. 5(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)(a)
F3Words in Sch. A1 para. 5(2) 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(3) (with Sch. 2)
6(1)This paragraph applies where the qualifying activity is an overseas property business and paragraph 7 does not apply.U.K.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss incurred in carrying on that part of the business (if any) to which [F4section 66 of CTA 2010] (losses from overseas property business) applies [F5(see section 67 of that Act)].
Textual Amendments
F4Words in Sch. A1 para. 6(2) 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(4)(a) (with Sch. 2)
F5Words in Sch. A1 para. 6(2) inserted (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(4)(b) (with Sch. 2)
7(1)This paragraph applies where—U.K.
(a)the qualifying activity is a [F6UK property business] or an overseas property business, and
(b)the company is an insurance company.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss [F7which, 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 an accounting period ].
(3)Where the insurance company is treated under section [F8section 86] of that Act as carrying on more than one [F9UK property business] or overseas property business, references in this Schedule to a loss incurred in carrying on the qualifying activity are to be construed in accordance with section [F8section 87(4)]) of that Act (aggregation of losses).
Textual Amendments
F6Words in Sch. A1 para. 7(1)(a) 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(3)(a) (with Sch. 2 Pts. 1, 2)
F7Words in Sch. A1 para. 7(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(2)(a)
F8Words in Sch. A1 para. 7(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(2)(b)
F9Words in Sch. A1 para. 7(3) 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(3)(b) (with Sch. 2 Pts. 1, 2)
8(1)This paragraph applies where the qualifying activity is managing the investments of a company with investment business.U.K.
(2)The company incurs a loss in carrying on that activity in a chargeable period if in that chargeable period—
[F10(a)the sum of the amounts mentioned in section 1223(2) of CTA 2009, exceeds]
(b)the amount of the profits from which those expenses and charges are deductible,
and the amount of the loss is the amount of the excess.
Textual Amendments
F10Sch. A1 para. 8(2)(a) 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(4) (with Sch. 2 Pts. 1, 2)
9(1)This paragraph applies where the qualifying activity is [F11basic life assurance and general annuity business] and the profits of that business are charged to tax [F11in accordance with the I - E rules].U.K.
(2)The company incurs a loss in a chargeable period if in that chargeable period an amount falls to be carried forward to a succeeding chargeable period under [F12section 73 of FA 2012] (carrying forward unrelieved expenses).
(3)The amount of the loss is the amount which falls to be so carried forward.]
Textual Amendments
F11Words in Sch. A1 para. 9(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(3)(a)
F12Words in Sch. A1 para. 9(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(3)(b)
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