SCHEDULES
SCHEDULE 22 REMEDIATION OF CONTAMINATED LAND
Part 4 SPECIAL PROVISION FOR LIFE ASSURANCE BUSINESS
27F1Restriction on carrying forward expenses payable
F21
For the purposes of section 76 of the Taxes Act 1988, the total amount which may—
a
be carried forward under subsection (12) F4... of that section from an accounting period in which the company claims a life assurance company tax credit, and
b
be brought into account F5... in accordance with Step 7 in subsection (7) of that section,
is treated as reduced by the amount of the expenses payable surrendered.
2
For the purposes of sub-paragraph (1) the amount of the F3expenses payable surrendered is—
a
where the maximum amount of life assurance company tax credit was claimed, the whole of the qualifying loss for that period;
b
where less than the maximum amount was claimed, a corresponding proportion of the qualifying loss for that period.
The “maximum amount” here means the amount specified in paragraph 25(1).