Paragraph 667

(1)

Amend section 1048 (treatment of deemed trading loss under section 1045) as follows.

(2)

In subsection (2)—

(a)

for “set off against” substitute “ deducted from ”, and

(b)

for “section 393A(1)(b) or 393B(3) of ICTA” substitute “ section 37(3)(b) or 42 of CTA 2010 ”.

(3)

In subsection (4)—

(a)

in paragraph (b) for “section 403(1) of ICTA (surrender of relief to group or consortium members)” substitute “ Part 5 of CTA 2010 (group relief) ”, and

(b)

in the words after that paragraph for “section 393 of ICTA” substitute “ section 45 of CTA 2010 ”.