Amend section 27 (tax exemption for NDA activities) as follows.

In subsection (1)(b) for the words from “set off” to the end substitute “ relieved under section 37 or 45 of the Corporation Tax Act 2010 (relief for trading losses) or surrendered as trading losses under Part 5 of that Act (group relief). ”

In subsection (8), in the definition of “owned directly or indirectly”, for “section 838 of the Income and Corporation Taxes Act 1988 (c. 1)” substitute “ Chapter 3 of Part 24 of the Corporation Tax Act 2010 ”.