Part 1 Amendment of General Rules about Carrying Forward Losses
Finance (No 2) Act 2017 (2017 c 32) | Legislation

SCHEDULE 4 Relief for Carried-Forward Losses

Section 18

Part 1 Amendment of General Rules about Carrying Forward Losses

Non-trading deficits from loan relationships

1

Part 5 of CTA 2009 (loan relationships) is amended as follows.

2

In the heading of Chapter 16 (non-trading deficits) at the end insert “: pre-1 April 2017 deficits and charitiesâ€.

3

In section 456 (introduction to Chapter 16) in subsection (1)—

(a)     after “if†insert “—

(a)     â€, and

(b)     at the end insert “, and

(b)     either—

(i)     that accounting period begins before 1 April 2017, or

(ii)     at the end of that accounting period the company is a charityâ€.

4

After section 463 insert—

“Chapter 16A
Non-Trading Deficits: Post 1 April 2017 Deficits
463A Introduction to Chapter

(1)     This Chapter applies if—

(a)     for any accounting period beginning on or after 1 April 2017 a company has a non-trading deficit from its loan relationships under section 301(6), and

(b)     at the end of that accounting period the company is not a charity.

(2)     In this Chapter “the deficit†and “the deficit period†mean that deficit and that period respectively.

(3)

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