Part 5 Group relief

Chapter 3 Surrenders made by non-UK resident company resident or trading in the EEA

Conditions that must be met

119 The qualifying loss condition: relief for future periods
(1) This section applies to an EEA amount so far as subsections (2) and (3) apply to it.
(2) This subsection applies to the EEA amount so far as, for the purposes of any relevant non-UK tax, the EEA amount cannot be taken into account in calculating any profits, income or gains that—
(a) might arise in any period after the EEA accounting period to the surrendering company or any other person, and
(b) (if there were any) would be chargeable to that tax for any period after the EEA accounting period.
(3) This subsection applies to the EEA amount so far as, for the purposes of any relevant non-UK tax, the EEA amount cannot be relieved in any period after the EEA accounting period—
(a) by the payment of a credit,
(b) by the elimination or reduction of a tax liability, or
(c) in any other way.
(4) The determination as to the extent to which the EEA amount—
(a) cannot be taken into account as mentioned in subsection (2), or
(b) cannot be relieved as mentioned in subsection (3),
is to be made as at the time immediately after the end of the EEA accounting period.
Pt. 5 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 125 (with s. 147, Sch. 17)