Finance Act 2021

Amendments of Part 5A of CTA 2010 U.K.

5 U.K. Part 5A of CTA 2010 (group relief for carried-forward losses) is amended as follows.

6 U.K. In section 188BE (restriction on surrendering losses etc where surrendering company could use them itself), for the existing text substitute—

“The surrendering company may not surrender under this Chapter any loss or other amount carried forward to the surrender period to the extent that the loss or other amount could be deducted from the total profits of the company for the period at Step 2 of section 4(2).”

7 (1) Section 188DD (claimant company's relevant maximum for overlapping period) is amended as follows. U.K.

(2) In subsection (3), for “269ZD(6)” substitute “ 269ZDA ”.

(3) In subsection (3A)—

(a) in paragraph (a), for “qualifying trading profits and qualifying non-trading profits” substitute “ modified total profits ”;

(b) in paragraph (b), for “in determining” substitute “ which could be relieved against ”.