SCHEDULE 26 Reliefs Against Liability for Tax in Respect of Chargeable Profits
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

SCHEDULE 26 Reliefs Against Liability for Tax in Respect of Chargeable Profits

Section 754(5)

Trading losses and group relief etc

1

(1)     In any case where—

(a)     an amount of chargeable profits is apportioned to a company resident in the United Kingdom, and

(b)     the company is entitled, or would on the making of a claim be entitled, in computing its profits for the appropriate accounting period, to a deduction in respect of any relevant allowance, . . .

(c)     . . .

then, on the making of a claim, a sum equal to corporation tax at the appropriate rate on so much of the relevant allowance . . . as is specified in the claim shall be set off against the company's liability to tax under section 747(4)(a) in respect of the chargeable profits apportioned to it.

(2)     In this paragraph—

(a)     “the appropriate accounting period†means the accounting period for which, by virtue of section 754(2), the company is [chargeable to tax by virtue of this Chapter] in respect of the chargeable profits concerned; and

(b)     “the appropriate rate†means the rate of corporation tax applicable to profits of the appropriate accounting period or, if there is more than one such rate,

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