Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 37 U.K. Loan relationships: amendments

Part 2 U.K. Transitional provisions

Transitional provisions U.K.

6 (1) In Schedule 25 to the Finance Act 2002 (c. 23) (loan relationships) in Part 3 (transitional provisions) after paragraph 61 insert— U.K.

“Non-trading deficit carried forward from last old accounting period U.K.

61A Any amount carried forward to a new accounting period under subsection (3) of section 83 of the Finance Act 1996 (carry forward of so much of the non-trading deficit on a company’s loan relationships as is not the subject of a claim under subsection (2) of that section)—

(a) shall be disregarded for the purposes of any claim under subsection (2) of that section; and

(b) shall not be surrendered as group relief by virtue of section 403 of the Taxes Act 1988.”.

(2) The Finance Act 2002 (c. 23) shall be taken to have been originally enacted with the amendment made by this paragraph.