Paragraph 677

(1)

Amend section 1153 (amount of unrelieved loss) as follows.

(2)

In subsection (1)—

(a)

in paragraph (a)—

(i)

for “section 392A(1) of ICTA” substitute “ section 62(1) to (3) of CTA 2010 ”, and

(ii)

for “section 393A(1)(a) of ICTA, to set the loss against” substitute “ section 37(3)(a) of CTA 2010, to deduct the loss from total ”,

(b)

in paragraph (b) for “section 393A(1)(b) of ICTA (losses set against” substitute “ section 37(3)(b) of CTA 2010 (losses deducted from ”, and

(c)

in paragraph (c) for “section 403(1) of ICTA” substitute “ Part 5 of CTA 2010 ”.

(3)

In subsection (2)—

(a)

in paragraph (a) for “section 392A(2) or 393(1) of ICTA” substitute “ section 45 or 62(5) of CTA 2010 ”, and

(b)

in paragraph (b) for “section 393A(1)(b) of ICTA” substitute “ section 37(3)(b) of CTA 2010 ”.