[676CFCases where Chapter 2, 2A or 3 also appliesU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)Chapter 2 applies in relation to the change in ownership by virtue of condition A in section 673 being met,
(b)Chapter 2A applies in relation to the change in ownership, or
(c)Chapter 3 applies in relation to the change in ownership by virtue of condition B in section 677 being met.
(2)This section also applies if—
(a)the condition in subsection (1)(a) would be met if in subsection (4A) of section 719 (meaning of “change in the ownership of a company”) the reference to Chapter 2C included a reference to Chapter 2, or
(b)the condition in subsection (1)(c) would be met if in subsection (4A) of section 719 the reference to Chapter 2C included a reference to Chapter 3.
(3)Where the company in relation to which the major change mentioned in section 673(4), 676AA(3) or 677(3) has occurred would (apart from this section) be eligible under Part 5A to claim in respect of a relevant pre-acquisition loss group relief for carried-forward losses for an accounting period ending after the change in ownership, no deduction in respect of that loss may be made from affected profits under section 188CK.
See section 676CG for the meaning of “affected profits”.
(4)For the purposes of this section—
(a)the accounting period in which the change in ownership occurs is treated as two separate accounting periods, the first ending with the change and the second consisting of the remainder of the period, and
(b)the profits or losses of the accounting period are apportioned to the two periods.
(5)Any apportionment under subsection (4)(b) is to be made on a time basis according to the respective lengths of the two deemed accounting periods.
(6)But if that method of apportionment would work unjustly or unreasonably in any case, such other method is to be used as is just and reasonable.]