SCHEDULES
SCHEDULE 4Corporate capital losses
PART 1Corporate capital loss restriction
Restriction on deduction from chargeable gains: main provisions
3
1
Section 269ZC (restriction on deductions from non-trading profits) is amended in accordance with this paragraph.
2
In subsection (2), for “the relevant maximum” substitute “the difference between—
a
the relevant maximum, and
b
the amount of any deductions made by the company for the accounting period under section 2A(1)(b) of TCGA 1992 (allowable losses accruing in earlier accounting periods).”
3
For subsection (3) substitute—
3
In this section the “relevant maximum” means the sum of—
a
50% of the company's total relevant non-trading profits for the accounting period, and
b
the amount of the company's total non-trading profits deductions allowance for the accounting period.
3A
A company's “total non-trading profits deductions allowance” for the accounting period is the sum of—
a
the company's non-trading income profits deductions allowance (see subsection (5)), and
b
the company's chargeable gains deductions allowance (see section 269ZBA(5)).
4
In subsection (4), for “relevant non-trading profits” substitute “
total relevant non-trading profits
”
.
5
In subsection (5) for “ “non-trading profits deductions allowance””, in both places it occurs, substitute “
“non-trading income profits deductions allowance”
”
.
6
In subsection (6)—
a
in the words before paragraph (a), for “ “non-trading profits deductions allowance”” substitute “
“non-trading income profits deductions allowance”
”
, and
b
for paragraph (b) substitute—
b
the total of any amounts specified for the period under—
i
section 269ZB(7)(a) (trading profits deductions allowance),
ii
section 269ZBA(5)(a) (chargeable gains deductions allowance), and
iii
in the case of an insurance company, section 269ZFC(5)(a) (BLAGAB deductions allowance).
7
In subsection (8), for “relevant non-trading profits” substitute “
qualifying non-trading income profits and qualifying chargeable gains
”
.