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
10U.K.Paragraphs 11 to 16 apply for the interpretation of paragraph 1(3)(a).
11(1)This paragraph applies where the qualifying activity is a trade [F2, a UK furnished holiday lettings business or an EEA furnished holiday lettings business] and paragraph 14 or 16 does not apply.U.K.
(2)The amount of the loss that is unrelieved is the amount of the loss, reduced by the amount of—
(a)any relief that was or could have been obtained by the company making a claim under [F3section 37(3)(a) of CTA 2010 to deduct the loss from total profits] of the same chargeable period,
(b)any other relief obtained by the company making a claim under [F4section 37(3)(b) or 42 of that Act (losses deducted from] profits of an earlier chargeable period),
(c)any loss that was or could have been surrendered under [F5Part 5] of that Act (surrender of relief to group or consortium members),
(d)any loss surrendered under a relevant tax credit provision, and
(e)any amount set off against the loss under [F6Chapter 7 of Part 4] of that Act (write-off of government investment).
(3)For this purpose no account is to be taken of any losses—
(a)brought forward from an earlier chargeable period under [F7section 45 of CTA 2010],
(b)carried back from a later chargeable period under [F8section 37(3)(b) or 42] of that Act, or
(c)incurred on a leasing contract (within the meaning of [F9section 53] of that Act) in circumstances to which that section applies.
(4)In sub-paragraph (2)(d) “relevant tax credit provision” means—
[F10(a)Chapter 2 or 7 of Part 13 of CTA 2009 (tax credits for expenditure on research and development or vaccine research etc),
(b)Chapter 3 of Part 14 of that Act (tax credits for remediation of contaminated land), [F11and]
(c)Chapter 3 of Part 15 of that Act (film tax credits).]
[F12(d)Chapter 3 of Part 15A of that Act (television tax credits), and
(e)Chapter 3 of Part 15B of that Act (video game tax credits).]
Textual Amendments
F2Words in Sch. A1 para. 11(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)(b)
F3Words in Sch. A1 para. 11(2)(a) 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(5)(a) (with Sch. 2)
F4Words in Sch. A1 para. 11(2)(b) 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(5)(b) (with Sch. 2)
F5Words in Sch. A1 para. 11(2)(c) 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(5)(c) (with Sch. 2)
F6Words in Sch. A1 para. 11(2)(e) 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(5)(d) (with Sch. 2)
F7Words in Sch. A1 para. 11(3)(a) 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(5)(e) (with Sch. 2)
F8Words in Sch. A1 para. 11(3)(b) 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(5)(f) (with Sch. 2)
F9Words in Sch. A1 para. 11(3)(c) 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(5)(g) (with Sch. 2)
F10Sch. A1 para. 11(4)(a)-(c) substituted for Sch. A1 para. 11(4)(a)-(d) (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(5) (with Sch. 2 Pts. 1, 2)
F11Word in Sch. A1 para. 11(4)(b) omitted (with effect in accordance with Sch. 18 para. 23 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 18 paras. 6, 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
F12Sch. A1 para. 11(4)(d)(e) inserted (with effect in accordance with Sch. 18 para. 23 of the amending Act) by Finance Act 2013 (c. 29), Sch. 18 paras. 6, 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
12(1)This paragraph applies where the qualifying activity is [F13an ordinary UK property business or an ordinary overseas property business] and paragraph 14 does not apply.U.K.
(2)The amount of the loss that is unrelieved is the amount of the loss, reduced by the amount of—
(a)any relief that was or could have been obtained by the company making a claim under [F14section 62(1) to (3) of CTA 2010 to deduct the loss from total profits] of the same chargeable period,
(b)any loss that was or could have been surrendered under [F15Part 5] of that Act (surrender of relief to group or consortium members),
(c)any loss surrendered under [F16Chapter 3 of Part 14 of CTA 2009] (tax credits for remediation of contaminated land), and
(d)any amount set off against the loss under [F17Chapter 7 of Part 4 of CTA 2010] (write-off of government investment).
(3)For this purpose, no account is to be taken of any losses brought forward from an earlier chargeable period under [F18section 62(5) of CTA 2010].
Textual Amendments
F13Words in Sch. A1 para. 12(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)(c)
F14Words in Sch. A1 para. 12(2)(a) 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(6)(a) (with Sch. 2)
F15Words in Sch. A1 para. 12(2)(b) 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(6)(b) (with Sch. 2)
F16Words in Sch. A1 para. 12(2)(c) 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(6)(b) (with Sch. 2 Pts. 1, 2)
F17Words in Sch. A1 para. 12(2)(d) 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(6)(c) (with Sch. 2)
F18Words in Sch. A1 para. 12(3) 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(6)(d) (with Sch. 2)
13(1)This paragraph applies where the qualifying activity is an overseas property business and paragraph 14 does not apply.U.K.
(2)The amount of the loss that is unrelieved is the amount of the loss, reduced by any amount set off against the loss under [F19Chapter 7 of Part 4 of CTA 2010] (write-off of government investment).
(3)For this purpose, no account is to be taken of any losses brought forward from an earlier chargeable period under [F20section 66 of CTA 2010].
Textual Amendments
F19Words in Sch. A1 para. 13(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(7)(a) (with Sch. 2)
F20Words in Sch. A1 para. 13(3) 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(7)(b) (with Sch. 2)
14(1)This paragraph applies where—U.K.
(a)the qualifying activity is a [F21UK property business] or an overseas property business, and
(b)the company is an insurance company.
(2)If no amount falls to be carried forward to a succeeding chargeable period under [F22section 73 of FA 2012] (carrying forward unrelieved expenses), no amount of the loss is unrelieved.
(3)If an amount falls to be carried forward to a succeeding chargeable period under [F23section 73] of that Act, the amount of the loss that is unrelieved is equal to the lesser of—
(a)the amount of the loss (see paragraph 7), reduced by any amount within sub-paragraph (4), and
(b)the total amount which so falls to be carried forward.
(4)The amounts mentioned in sub-paragraph (3)(a) are—
(a)the amount of any loss surrendered under [F24Chapter 3 of Part 14 of CTA 2009] (tax credits for remediation of contaminated land), and
(b)any amount [F25set off against the loss under Chapter 7 of Part 4 of CTA 2010] (write-off of government investment).
(5)Sub-paragraph (6) applies for determining whether there is an amount which falls to be carried forward under [F26section 73 of FA 2012] .
[F27(6)Disregard any amounts brought forward from an earlier chargeable period which fall to be taken into account in calculating for the purposes of section 73 of FA 2012 the amount of adjusted BLAGAB management expenses of the company for the period in question as a result of—
(a)the previous application of section 73 or 93 of FA 2012, or
(b)the carry forward to the period in question of an amount under section 391(3) of CTA 2009 (loan relationship deficit carried forward).]
Textual Amendments
F21Words in Sch. A1 para. 14(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(7)(a) (with Sch. 2 Pts. 1, 2)
F22Words in Sch. A1 para. 14(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(a)
F23Words in Sch. A1 para. 14(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(b)
F24Words in Sch. A1 para. 14(4)(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(7)(b) (with Sch. 2 Pts. 1, 2)
F25Words in Sch. A1 para. 14(4)(b) 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(8) (with Sch. 2)
F26Words in Sch. A1 para. 14(5) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(c)
F27Sch. A1 para. 14(6) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(4)(d)
15(1)This paragraph applies where the qualifying activity is managing the investments of a company with investment business.U.K.
(2)The amount of the loss that is unrelieved is the amount of the loss (see paragraph 8), reduced by the amount of—
(a)any loss that was or could have been surrendered under [F28Part 5 of CTA 2010] (surrender of relief to group or consortium members), and
(b)any amount set off against the loss under [F29Chapter 7 of Part 4] of that Act (write-off of government investment).
(3)For this purpose, no account is to be taken of any amount brought forward from an earlier chargeable period under [F30section 1223 of CTA 2009].
Textual Amendments
F28Words in Sch. A1 para. 15(2)(a) 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(9)(a) (with Sch. 2)
F29Words in Sch. A1 para. 15(2)(b) 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(9)(b) (with Sch. 2)
F30Words in Sch. A1 para. 15(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(8) (with Sch. 2 Pts. 1, 2)
16(1)This paragraph applies where the qualifying activity is [F31basic life assurance and general annuity business] and the profits of that business are charged to tax [F31in accordance with the I - E rules].U.K.
(2)The amount of the unrelieved loss is the amount of the loss (see paragraph 9), reduced by—
(a)any loss surrendered under [F32Chapter 4 of Part 14 of CTA 2009] (tax credits for remediation of contaminated land), and
(b)any amount set off against the loss under [F33Chapter 7 of Part 4 of CTA 2010] (write-off of government investment).
[F34(3)For this purpose, no account is to be taken of any amounts brought forward from an earlier chargeable period which fall to be taken into account in calculating for the purposes of section 73 of FA 2012 the amount of adjusted BLAGAB management expenses of the company for the period in question as a result of—
(a)the previous application of section 73 or 93 of FA 2012, or
(b)the carry forward to the period in question of an amount under section 391(3) of CTA 2009 (loan relationship deficit carried forward).]]
Textual Amendments
F31Words in Sch. A1 para. 16(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(5)(a)
F32Words in Sch. A1 para. 16(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(9)(a) (with Sch. 2 Pts. 1, 2)
F33Words in Sch. A1 para. 16(2)(b) 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(10) (with Sch. 2)
F34Sch. A1 para. 16(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 106(5)(b)