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Corporation Tax Act 2010
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Changes over time for: Section 269CA
Alternative versions:
- 26/03/2015- Amendment
- 15/09/2016- Amendment
- 16/11/2017- Amendment
- 31/12/2023
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Corporation Tax Act 2010, Section 269CA is up to date with all changes known to be in force on or before 30 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1269CARestriction on deductions for trading lossesU.K.
This section has no associated Explanatory Notes
(1)This section has effect for determining the taxable total profits of a banking company for an accounting period.
(2)Any deduction made by the company for the accounting period in respect of a pre-2015 carried-forward trading loss may not exceed [F225%] of the company's relevant trading profits for the accounting period.
Section [F3269ZF] contains provision for calculating a company's relevant trading profits for an accounting period (see F4... subsection (1) of that section).
(3)But subsection (2) does not apply [F5in relation to a banking company for an accounting period where, in determining the company's relevant trading profits for the period, the amount given by step 1 in section 269ZF(3) is not greater than nil] .
(4)In this Chapter “pre-2015 carried-forward trading loss”, in relation to a company and an accounting period (“the current accounting period”), means a loss which—
(a)was made in a trade of the company in an accounting period ending before 1 April 2015, and
(b)is carried forward to the current accounting period under section 45 (carry forward of trade loss against subsequent trade profits).
(5)See also sections 269CE to 269CH (losses to which restrictions do not apply).]
Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1
F2Word in s. 269CA(2) substituted (with effect in accordance with s. 57(5) of the amending Act) by Finance Act 2016 (c. 24), s. 57(2)
F3Word in s. 269CA(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(2)(a)
F4Words in s. 269CA(2) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(2)(b)
F5Words in s. 269CA(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(3)
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