F1PART 7ABanking companies
CHAPTER 3Restrictions on obtaining certain deductions
Losses to which restrictions do not apply
269CIAllocation of carried-forward loss allowance within a group
(1)
This section applies where a building society—
(a)
is a member of a group, and
(b)
has an amount of carried-forward loss allowance (see section 269CH(5)).
(2)
The building society may allocate some or all of that amount of carried-forward loss allowance to any other member of the group which is a banking company.
(3)
Where a building society makes an allocation under subsection (2), it must give HMRC a statement (a “statement of allocation”) which specifies—
(a)
the amount of carried-forward loss allowance which the building society had immediately before it made the allocation,
(b)
the companies (“the relevant companies”) to which an amount of carried-forward loss allowance has been allocated,
(c)
the amount of carried-forward loss allowance allocated to each of the relevant companies, and
(d)
the total amount of carried-forward loss allowance allocated by the building society.
(4)
The statement of allocation must be given to HMRC on or before—
(a)
the first day after the allocation on which the building society, or any of the relevant companies, delivers a company tax return which includes a designation made under section 269CH, or
(b)
if earlier, the first day after the allocation on which a company tax return of the building society, or any of the relevant companies, is amended so as to include such a designation.
This is subject to subsection (5).
(5)
An officer of Revenue and Customs may provide that the statement of allocation may be given to HMRC on or before a later day specified by the officer.
(6)
An allocation made under subsection (2) is not effective unless the requirements of this section have been complied with.
(7)
A statement of allocation that has been given to HMRC under this section may not be amended or withdrawn.
This is subject to section 269CJ.