F1PART 14BTax avoidance involving carried-forward losses

Annotations:
Amendments (Textual)
F1

Pt. 14B inserted (with effect and application in accordance with Sch. 3 Pt. 2 of the amending Act) by Finance Act 2015 (c. 11), Sch. 3 para. 1

730FMeaning of “relevant carried-forward loss”

1

In this Part “relevant carried-forward loss” means any of the following—

a

a carried-forward trading loss (see subsection (2)),

F5aa

a carried-forward UK property business loss (see subsection (2A),

b

a carried-forward non-trading deficit (see subsection (3)),

F6ba

a carried-forward non-trading loss on intangible fixed assets (see subsection (3A),

c

any carried-forward management expenses (see subsection (4)).

2

“Carried-forward trading loss”, in relation to a company and an accounting period, means a loss in a trade of the company which is carried forward from a previous accounting period under section 45F7, 45A or 45B (carry forward of trade loss F8...).

F22A

“Carried-forward UK property business loss”, in relation to a company and an accounting period, means a loss in a UK property business carried on by the company which is carried forward from a previous accounting period under section 62(5).

3

“Carried-forward non-trading deficit”, in relation to a company and an accounting period, means a non-trading deficit which the company has from its loan relationships under section 301(6) of CTA 2009 and which is carried forward from a previous accounting period under section 457F9, 463G or 463H of that Act (carry forward of deficits to accounting periods after deficit period).

F33A

“Carried-forward non-trading loss on intangible fixed assets”, in relation to a company and an accounting period, means a non-trading loss on intangible fixed assets which is carried forward from a previous accounting period under section 753 of CTA 2009 (treatment of non-trading losses).

4

“Carried-forward management expenses”, in relation to a company and an accounting period, means—

a

any amounts which—

i

fall within subsection (2) of section 1223 of CTA 2009 (carrying forward expenses of management and other amounts), and

ii

are treated by subsection (3) of that section as expenses of management deductible for the period, and

b

any amounts which are treated by section 63(3) (carrying forward certain losses made by company with investment business which ceases to carry on UK property business) as expenses of management deductible for the period for the purposes of Chapter 2 of Part 16 of CTA 2009.

F45

In this section “non-trading loss on intangible fixed assets” is to be read in accordance with Part 8 of CTA 2009.