# Corporation Tax Act 2009, Section 1055: Meaning of “Chapter 2 surrenderable loss”

Extent: E+W+S+N.I.

(1) For the purposes of this Chapter a company has a “Chapter 2 surrenderable loss” if in an accounting period—
(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
(b) it is treated as making a trading loss under section 1045.
(2) If relief is obtained under section 1044 the amount of the Chapter 2 surrenderable loss is—
(a) so much of the trading loss as is unrelieved, or
(b) if less, 186% of the qualifying Chapter 2 expenditure in respect of which the relief was obtained.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/1055 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-1055
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.