{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-1055",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-1055.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/1055",
  "kind": "section",
  "number": "1055",
  "heading": "Meaning of “Chapter 2 surrenderable loss”",
  "text": "(1) For the purposes of this Chapter a company has a “Chapter 2 surrenderable loss” if in an accounting period—\n(a) it obtains an additional deduction under section 1044 in calculating the profits of a trade and it makes a trading loss in that period in the trade, or\n(b) it is treated as making a trading loss under section 1045.\n(2) If relief is obtained under section 1044 the amount of the Chapter 2 surrenderable loss is—\n(a) so much of the trading loss as is unrelieved, or\n(b) if less, 186% of the qualifying Chapter 2 expenditure in respect of which the relief was obtained.\n(3) If relief is obtained under section 1045 the amount of the Chapter 2 surrenderable loss is so much of the trading loss as is unrelieved.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 1055(2)(b) substituted (in relation to expenditure incurred on or after 1.4.2023) by Finance Act 2023 (c. 1), s. 4(3)(c)(4)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 1055 excluded by 2010 c. 4, s. 357PC (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/1055",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}