SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 1Amendment of general rules about carrying forward losses

Non-trading losses on intangible fixed assets

5

1

Section 753 of CTA 2009 (treatment of non-trading loss) is amended as follows.

2

In subsection (3) (carry forward of non-trading loss)—

a

in the words before paragraph (a), after “not” insert “ , in any period (“the reference period”) ”;

b

in the words after paragraph (b) for “debit of” substitute “ loss on intangible fixed assets for ”.

3

After subsection (3) insert—

4

But subsection (3) does not apply if the company ceased to be a company with investment business in the reference period.

5

In the application of subsection (3) to an amount of a loss previously carried forward under that subsection, the reference in paragraph (b) to group relief under Part 5 of CTA 2010 is to be read as a reference to group relief for carried-forward losses under Part 5A of that Act.

6

In this section “company with investment business” has the same meaning as in Part 16 (see section 1218B).