Section 1168 Restriction on carrying forward expenses payable where tax credit claimed

United Kingdom

(1)

This section applies if a company claims F1a BLAGAB tax credit to which it is entitled for an accounting period.

(2)

For the purposes of F2section 73 of FA 2012 the amount which may be—

(a)

carried forward from the accounting period under F3that section as excess BLAGAB expenses, and

(b)

brought into account in accordance with F4step 5 in section 76 of FA 2012,

is treated as reduced by the amount of the surrendered loss for the period.

(3)

The “amount of the surrendered loss” for the period means the amount of the F5qualifying BLAGAB loss in respect of which the land remediation tax credit is claimed for the period.

Annotations

Textual amendments

F1: Words in s. 1168(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(2)
F2: Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(a)
F3: Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(b)
F4: Words in s. 1168(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(3)(c)
F5: Words in s. 1168(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 205(4)

Notes on Part 14

Textual amendments

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

Notes on Chapter 4

Textual amendments

F1: Words in Pt. 14 Ch. 4 heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 195

Notes on BLAGAB company tax credits

Textual amendments

F1: Words in s. 1164 cross-heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 200