C2C6C5C7C9C4C8Part 8Intangible fixed assets
Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
Chapter 6How credits and debits are given effect
Non-trading credits and debits
C10C1C3753Treatment of non-trading losses
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 notF3, in any period (“the reference period”)—
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 F4loss on intangible fixed assets for that period.
F24
But subsection (3) does not apply if the company ceased to be a company with investment business in the reference period.
5
In the application of subsection (3) to an amount of a loss previously carried forward under that subsection, the reference in paragraph (b) to group relief under Part 5 of CTA 2010 is to be read as a reference to group relief for carried-forward losses under Part 5A of that Act.
6
In this section “company with investment business” has the same meaning as in Part 16 (see section 1218B).
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)