SCHEDULES
SCHEDULE 4Relief for carried-forward losses
PART 5Carrying forward trade losses in certain creative industries
Losses of orchestral trade
44
1
Section 1217SA (restriction on use of losses before completion period) is amended as follows.
2
In subsection (1) for “Subsection (2)” substitute “
This section
”
.
3
In subsection (2)—
a
after “45” insert “
or 45B
”
, and
b
for “set against” substitute “
deducted from
”
.
4
After subsection (2) insert—
3
If the loss is carried forward under section 45 or 45B of CTA 2010 and deducted from profits of the separate orchestral trade in a subsequent period, the deduction is to be ignored for the purposes of section 269ZB of CTA 2010 (restriction on deductions from trading profits).