Finance Act 2020 (c. 14)

SCHEDULES

SCHEDULE 4 U.K. Corporate capital losses

PART 1 U.K. Corporate capital loss restriction

Minor and consequential amendments to Part 7ZA of CTA 2010 U.K.

25 (1) Section 269ZB (restriction on deductions from trading profits) is amended in accordance with this paragraph. U.K.

(2) In subsection (8), for paragraph (b) substitute—

“(b) the total of—

(i) the amount of the company's total non-trading profits deductions allowance for the period (see section 269ZC(3A)), and

(ii) in the case of an insurance company, any amount specified for the period under section 269ZFC(5)(a) (BLAGAB deductions allowance).”

(3) Omit subsection (9) (meaning of a company's “deductions allowance”).