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Section 1217MB Use of losses in the completion periodF1C1

United Kingdom

(1)

Subsection (2) applies if a loss made in the separate theatrical trade is carried forward under section 45 F2or 45B of CTA 2010 to the completion period.

(2)

So much (if any) of the loss as is not attributable to relief under section 1217H (see subsection (4)) may be treated for the purposes of F3section 37 and Part 5 of CTA 2010 as if it were a loss made in the completion period.

(3)

If a loss is made in the separate theatrical trade in the completion period, the amount of the loss that may be—

(a)

deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or

(b)

surrendered as group relief under Part 5 of that Act,

is restricted to the amount (if any) that is not attributable to relief under section 1217H.

(4)

The amount of a loss in any period that is attributable to relief under section 1217H is found by—

(a)

calculating what the amount of the loss would have been if there had been no additional deduction under that section in that or any earlier period, and

(b)

deducting that amount from the total amount of the loss.

(5)

This section does not apply to loss surrendered, or treated as carried forward, under section 1217MC (terminal losses).

Annotations

Textual amendments

F1

Pt. 15C inserted (17.7.2014 for specified purposes and with effect in accordance with Sch. 4 para. 16 of the amending Act, 22.8.2014 in so far as not already in force) by Finance Act 2014 (c. 26), Sch. 4 paras. 1, 16; S.I. 2014/2228, art. 2

F2

Words in s. 1217MB(1) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 41(2)

F3

Words in s. 1217MB(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 41(3)

Modifications

C1

S. 1217MB modified by 2010 c. 4, s. 357UG (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)

Notes on Part 15C

Modifications

C1

Pt. 15C modified (with application in accordance with s. 17(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)(4)