Part 11 Minor and Consequential Amendments
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 11 Minor and Consequential Amendments

ICTA

106

(1)     Section 826 of ICTA (interest on tax overpaid) is amended as follows.

(2)     After subsection (7A) insert—

“(7AA)     In any case where—

(a)     a company ceases to carry on a trade in an accounting period (“the terminal periodâ€),

(b)     as a result of a claim under section 45F of CTA 2010, the whole or any part of a loss made in the trade is relieved for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period (“the earlier periodâ€) which does not fall wholly within the period of 12 months immediately preceding the terminal period, and

(c)     a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,

then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of that repayment as falls to be made as a result of the claim under section 45F, except so far as concerns

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