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Corporation Tax Act 2009

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Changes over time for: Section 463

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Point in time view as at 01/07/2011.

Changes to legislation:

Corporation Tax Act 2009, Section 463 is up to date with all changes known to be in force on or before 11 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

463Profits available for relief under section 462U.K.

This section has no associated Explanatory Notes

(1)The profits available for relief under section 462 are the amounts which (apart from the relief) would be charged under this Part as profits for accounting periods ending within the permitted period, after giving every prior relief.

(2)In this section—

  • the permitted period” means the period of 12 months immediately before the deficit period, and

  • prior relief” means a relief which subsection (5) provides must be given before relief under section 462.

(3)If an accounting period ending within the permitted period begins before it, only a part of the amount which (apart from the relief) would be chargeable under this Part for that period, after giving every prior relief, is available for relief under section 462.

(4)That part is so much as is proportionate to the part of the accounting period in the permitted period.

(5)The reliefs which must be given before relief under section 462 are—

(a)relief as a result of a claim under section 459(1)(a) (claim for deficit to be set off against total profits for the deficit period),

(b)relief in respect of a loss or deficit incurred or treated as incurred in an accounting period before the deficit period,

(c)relief under [F1Part 6 of CTA 2010 (charitable donations relief)] in respect of payments made wholly and exclusively for the purposes of a trade,

(d)relief under [F2section 37 of CTA 2010 (losses deducted from total] profits of the same, or an earlier, accounting period), and

(e)if the company is a company with investment business for the purposes of Part 16 (companies with investment business)—

(i)any deduction in respect of management expenses under section 1219 (expenses of management of a company's investment business),

(ii)relief under [F3Part 6 of CTA 2010] in respect of payments made wholly and exclusively for the purposes of its business, and

(iii)any allowance under Part 2 of CAA 2001 (plant and machinery allowances).

Textual Amendments

F1Words in s. 463(5)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 621(a) (with Sch. 2)

F2Words in s. 463(5)(d) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 621(b) (with Sch. 2)

F3Words in s. 463(5)(e)(ii) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 621(c) (with Sch. 2)

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