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9(1)In Schedule 11 to the Finance Act 1996 (c. 8) paragraph 4 is amended as follows.U.K.
(2)In sub-paragraph (2), in the words following paragraph (b) (which require a reduction under that sub-paragraph to be made before any deduction by virtue of section 76 of the Taxes Act 1988 for expenses of management) for “any deduction by virtue of section 76 of the Taxes Act 1988 of any expenses of management” substitute “ any expenses deduction under section 76 of the Taxes Act 1988 ”.
(3)In sub-paragraph (3) (claim to carry back whole or part of excess of deficit over net income and gains) in the opening words, omit “net”.
(4)In sub-paragraph (4) (deficit, so far as not set off, to be carried forward and included in expenses of management for following period) for “an amount to be included in the company’s expenses of management for the period following the deficit period” substitute “ expenses payable which are referable to the period following the deficit period and are to be brought into account at Step 3 in section 76(7) of the Taxes Act 1988 ”.
(5)In sub-paragraph (11) (meaning of references in sub-paragraph (10) to deductions by virtue of section 76 of the Taxes Act 1988) for “the deductions by way of management expenses” substitute “ the expenses deduction ”.
(6)In sub-paragraph (12) (treatment of section 76(5) amount attributable to a claim under sub-paragraph (3) etc)—
(a)for “section 76(5) amount”, in both places, substitute “ section 76(13) amount ”;
(b)for “section 75(3)” substitute “ section 76(13) ”.
(7)In sub-paragraph (13) (treatment of section 76(5) amount to which the sub-paragraph applies) for “section 76(5) amount” substitute “ section 76(13) amount ”.
(8)In sub-paragraph (14) (the section 76(5) amount attributable to a claim under sub-paragraph (3))—
(a)in the opening words, for “section 76(5) amount” substitute “ section 76(13) amount ”; and
(b)in paragraphs (a) and (b) for “section 75(3)” substitute “ section 76(13) ”.
(9)The amendment made by sub-paragraph (4) also has effect where the deficit period is the last accounting period of the company to begin before 1st April 2004.
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