Section 1179CF Priority of dischargeF1

United Kingdom

(1)

An amount within subsection (2) is to be applied as described in that subsection before any amount within subsection (3) is applied as described in that subsection.

(2)

An amount is within this subsection if it is to be applied under—

(a)

section 1179CD (4), or

(b)

section 1179CE (3) as it applies in relation to an amount surrendered under section 1179CD (2) or (5),

in discharging the liability of a company to pay corporation tax for an accounting period.

(3)

An amount is within this subsection if it is to be (or would but for subsection (1) be) applied under—

(a)

section 1179CC, or

(b)

section 1179CE (3) as it applies in relation to an amount surrendered under section 1179CC,

in discharging the same liability as an amount within subsection (2).

Annotations

Textual amendments

F1: Pt. 14A inserted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 2 para. 1 (with Sch. 2 paras. 16(1), 17-25)