C1F1PART 5AGroup relief for carried-forward losses

Annotations:
Amendments (Textual)
F1

Pt. 5A inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 23

Modifications etc. (not altering text)

CHAPTER 6Miscellaneous provisions and interpretation of Part

Interpretation

188FBSubsidiaries, groups and consortiums

Chapter 5 of Part 5 (which explains certain key concepts for the purposes of Part 5, including (in particular) how to determine if a company is a member of a group of companies or is a member of, or is owned by a consortium) applies for the purposes of this Part as it applies for the purposes of Part 5.

188FC“Trading company” and “holding company”

1

In this Part “trading company” means a company the business of which consists wholly or mainly in the carrying on of a trade.

2

In this Part “holding company” means a company the business of which consists wholly or mainly in the holding of shares or securities that—

a

are its 90% subsidiaries, and

b

are trading companies.

188FDOther definitions

1

In this Part—

  • “the claimant company” has the meaning given by section 188CB(2) or 188CC(2),

  • “the claim period” has the meaning given by section 188CB(2) or 188CC(2),

  • “company” means any body corporate,

  • “group relief for carried-forward losses” has the meaning given by section 188AA(4),

  • “profits” means income and chargeable gains, except in so far as the context otherwise requires,

  • “shock loss” has the meaning given by section 269ZK,

  • “Solvency 2 insurance company” means an insurance company as defined in section 269ZP(2),

  • “the specified loss-making period”, in relation to a claim for group relief for carried forward losses made under section 188CC, has the meaning given by subsection (2) of that section,

  • “the surrenderable amounts” has the meaning given by section 188BB(7),

  • “surrendering company” has the meaning given by 188BB(7), and

  • “the surrender period” has the meaning given by section 188BB(7).

2

In this Part, except in so far as the context otherwise requires—

a

references to a trade include an office, and

b

reference to carrying on a trade include holding an office.