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Section 1218ZCI Amount of surrenderable lossC1F1

(1)

The company’s surrenderable loss in the accounting period is—

(a)

the company’s available loss for the period in the separate exhibition trade (see subsections (2) and (3)), or

(b)

if less, the available qualifying expenditure for the period (see subsections (4) and (5)).

(2)

The company’s available loss for an accounting period is—

L+RUL

where—

  • L is the amount of the company’s loss for the period in the separate exhibition trade, and

  • RUL is the amount of any relevant unused loss of the company (see subsection (3)).

(3)

The “relevant unused loss” of a company is so much of any available loss of the company for the previous accounting period as has not been—

(a)

surrendered under section 1218ZCH, or

(b)

carried forward under section 45 or 45B of CTA 2010 and set against profits of the separate exhibition trade.

(4)

For the first period of account during which the separate exhibition trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1218ZCF(2).

(5)

For any period of account after the first, the available qualifying expenditure is—

E−S

where—

  • E is the amount that is E for that period for the purposes of section 1218ZCF(3), and

  • S is the total amount previously surrendered under section 1218ZCH.

(6)

If a period of account of the separate exhibition trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.

Annotations

Textual amendments

F1

Pt. 15E inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3))

Modifications

C1

Pt. 15E modified (temp.) (with application in accordance with s. 21(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 21(1)(4)

Notes on Part 15E

Modifications

C1

Pt. 15E modified by 2010 c. 4, s. 357UR(3) (as inserted (with effect in accordance with Sch. 6 para. 20 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 17)