Corporation Tax Act 2010

Part 4 U.K. Loss relief (other than share loss relief)

Carry forward loss reliefs U.K.

17 (1) The repeal by this Act of the superseded carry forward provisions does not alter the effect of those provisions so far as they determine— U.K.

(a) whether, and

(b) to what extent,

relief for any loss made (or treated as made) in an accounting period ending on or before 31 March 2010 is to be given for an accounting period ending after that date.

(2) But any relief for the loss (or any part of the loss) which is given for an accounting period ending after that date is to be given in accordance with the relevant provisions of Part 4 of this Act.

(3) In this paragraph “the superseded carry forward provisions” means—

(a) sections 392A, 392B, 393 and 396 of ICTA, and

(b) any provision inserting or amending, or affecting the application of, any of the above provisions.

Trade loss relief against total profits U.K.

18 (1) This paragraph applies for the purposes of section 37 if any of the accounting periods covered by subsection (3)(b) of that section (including, if relevant, as modified by section 39 or 40) ends on or before 31 March 2010. U.K.

(2) Relief for the loss can be given for the accounting periods ending on or before that date.

(3) If relief is to be given for those periods, the relief is given in the way in which it would have been given under section 393A(1) of ICTA ignoring this Act.

19 (1) This paragraph applies for the purposes of section 42 if any of the accounting periods covered by subsection (3) of that section ends on or before 31 March 2010. U.K.

(2) Relief for the loss can be given for the accounting periods ending on or before that date.

(3) If relief is to be given for those periods, the relief is given in the way in which it would have been given under section 393B of ICTA ignoring this Act.

Transfers of trade to obtain relief U.K.

20 U.K. Section 41 does not have effect in relation to cessations of a trade before 21 May 2009.

Dealings in commodity futures U.K.

21 U.K. Section 52(1)(c) does not cover arrangements made wholly before 6 April 1976.

Leasing contracts and company reconstructions U.K.

22 U.K. Section 53(1)(a) does not cover contracts entered into before 6 March 1973.

Reliefs for limited partners not to exceed contribution to the firm U.K.

23 U.K. The relief covered by section 56(4) includes—

(a) relief given for a loss under section 338, 393A or 403 of ICTA, and

(b) any amount that, ignoring this Act, would have been included in the company's aggregate amount in relation to the trade for the purposes of section 118 of ICTA as a result of paragraph 23(3) of Schedule 2 to CAA 2001.

Reliefs for members of LLPs not to exceed contribution to the LLP U.K.

24 (1) The relief covered by section 59(4) includes relief given for a loss under section 338, 393A or 403 of ICTA. U.K.

(2) In section 61—

(a) the amounts of loss covered by subsection (1)(b) include amounts of loss which, as a result of section 118 of ICTA (as applied by section 118ZB of that Act), are not relieved under section 338, 393A or 403 of ICTA,

(b) in subsections (3) and (4) references to section 61 include references to section 118ZD of ICTA, and

(c) the relief covered by subsection (3)(b) includes relief under section 338, 393A or 403 of ICTA.

Loss relief against miscellaneous income: Case VI losses under ICTA U.K.

25 (1) This paragraph applies to any loss made by a company in a transaction if— U.K.

(a) the transaction was of such a nature that, if any profits had arisen from it, the company would have been liable under ICTA to corporation tax in respect of the profits under Case VI of Schedule D (see section 18 of ICTA) for an accounting period ending before 1st April 2009, and

(b) the transaction—

(i) did not fall within section 34, 35 or 36 of ICTA (lease premiums etc), and

(ii) was not a disposal made after 31 March 2007 to which Chapter 5 of Part 17 of that Act (offshore funds) applied.

(2) So far as relief for the loss has not been previously given, the loss is to be treated as a loss to be carried forward and relieved in accordance with section 91.

Write-off of government investment U.K.

26 U.K. Section 92(1) does not cover government investment written off before 6 April 1988.