SCHEDULES
SCHEDULE 13Tax relief for expenditure on vaccine research etc
Part 2Manner of giving effect to relief: small and medium-sized companies
I119Restriction on losses carried forward
1
For the purposes of section 393 of the Taxes Act 1988 (relief of trading losses against future trading profits), a company’s trading loss for a period for which it claims a tax credit under this Schedule is treated as reduced by the amount of the loss surrendered.
2
The amount of the loss surrendered is—
a
where the maximum amount of tax credit was claimed, the whole of the surrenderable loss for that period, and
b
where less than the maximum amount was claimed, a corresponding proportion of the surrenderable loss for that period.
The “maximum amount” here means the amount specified in paragraph 17(1).