753Treatment of non-trading lossesU.K.
(1)A company that has a non-trading loss on intangible fixed assets for an accounting period may claim to have the whole or part of the loss set off against the company's total profits for that period.
(2)Such a claim must be made—
(a)not later than the end of the period of 2 years immediately following the end of the accounting period to which it relates, or
(b)within such further period as an officer of Revenue and Customs may allow.
(3)To the extent that the loss is not—
(a)set off against total profits on a claim under subsection (1), or
(b)surrendered by way of group relief [F1under Part 5 of CTA 2010],
it is carried forward to the next accounting period of the company and treated as if it were a non-trading debit of that period.
Textual Amendments
F1Words in s. 753(3)(b) 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. 644 (with Sch. 2)