Section 1152 Meaning of “qualifying land remediation loss”C1

United Kingdom

(1)

For the purposes of this Chapter a company has a “qualifying land remediation loss” in an accounting period if in the period—

(a)

it obtains an additional deduction under section 1149 in calculating the profits of a UK property business or a trade, and

(b)

it makes a UK property business loss in the business or a trading loss in the trade.

(2)

The amount of the qualifying land remediation loss is—

(a)

so much of the UK property business loss or trading loss as is unrelieved (see section 1153), or

(b)

if less, 150% of the qualifying land remediation expenditure in respect of which the relief was obtained.

Annotations

C1: S. 1152 excluded by 2010 c. 4, s. 357QB (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)

F1: Words in Pt. 14 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 2