Corporation Tax Act 2009 (c. 4)

Part 14 Remediation of contaminated land

Chapter 4 Special provision for life assurance business

Life assurance company tax credits

1168 Restriction on carrying forward expenses payable where tax credit claimed

(1) This section applies if a company claims a life assurance company tax credit to which it is entitled for an accounting period.

(2) For the purposes of section 76 of ICTA the amount which may be—

(a) carried forward from the accounting period under subsection (12) of that section, and

(b) brought into account in accordance with Step 7 in subsection (7) of that section,

is treated as reduced by the amount of the surrendered loss for the period.

(3) The “amount of the surrendered loss” for the period means the amount of the qualifying life assurance business loss in respect of which the land remediation tax credit is claimed for the period.