Part 14Remediation of contaminated F1or derelict land
Chapter 3Land remediation tax credit
Supplementary
1158Restriction on losses carried forward where tax credit claimed
1
For the purposes of F6section 62 of CTA 2010 (relief for losses made in UK property business) a company's UK property business loss for an accounting period in which it claims a land remediation tax credit to which it is entitled is treated as reduced by the amount of the surrendered loss for the period.
C12
For the purposes of F3F4sections 45, 45A and 45B of CTA 2010 (relief of trading losses against future F2... profits) a company's trading loss for an accounting period in which it claims a land remediation tax credit to which it is entitled is treated as reduced by the amount of the surrendered loss for the period.
3
Subsection (4) applies (instead of subsection (1)) if in an accounting period—
F8a
as a result of section 87(3) of FA 2012, a company's UK property business loss is treated for the purposes of section 76 of that Act as a deemed BLAGAB management expense for the accounting period,
b
an amount falls to be carried forward to a subsequent accounting period under F7section 73 of FA 2012 (unrelieved expenses carried forward), and
c
the company claims a land remediation tax credit for the period.
4
The amount which falls to be carried forward to a subsequent accounting period under F5section 73 of FA 2012 is treated as reduced by the amount of the surrendered loss for the period.
C25
References in this section to “the amount of the surrendered loss” for an accounting period are to the amount of any qualifying land remediation loss in respect of which a land remediation tax credit is claimed for the period.
Words in Pt. 14 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 2