Point in time view as at 24/02/2022.
There are currently no known outstanding effects for the Finance Act 2022, Paragraph 2.
2(1)Sub-paragraph (2) applies if—
(a)in an accounting period (“the loss-making period”) an RP developer has an adjusted trading loss,
(b)relief is not given for an amount of the loss (“the unrelieved amount”) under Part 2 or 3 of this Schedule (RPDT group reliefs), and
(c)the RP developer is an RP developer in the next accounting period (“the later period”).
(2)The unrelieved amount is carried forward to the later period and relief for the RP developer is given in accordance with sub-paragraph (3).
(3)The relief is to be given effect in the later period in accordance with section 38 as “allowable RPDT loss relief”.
(4)But sub-paragraph (3) is subject to sub-paragraphs (5) and (6) and section 42.
(5)Sub-paragraph (6) applies in relation to any amount of the unrelieved amount that is greater than the maximum deduction for the later period permitted by section 42 (“the excess amount”).
(6)The excess amount is carried forward to the accounting period after the later period (“the further period”) instead of being given effect in the later period (see paragraph 3).
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