Section 139 Unused part of the surrenderable amountsC2C1C3
The unused part of the surrenderable amounts is the amount equal to—
the surrenderable amount for the overlapping period (see subsection (2)), less
the amount of prior surrenders for that period (see subsections (3) to (5)).
To determine the surrenderable amount for the overlapping period—
take the proportion of the surrender period included in the overlapping period, and
apply that proportion to the surrenderable amounts for the surrender period.
The surrenderable amount for the overlapping period is the amount given as a result of paragraph (b).
To determine the amount of prior surrenders for the overlapping period—
identify any prior claims for the purposes of this section (see subsection (4)), and
take the steps set out in subsection (5) in relation to each such claim.
The amount of prior surrenders for the overlapping period is the total of the previously used amounts given at Step 3 in subsection (5) for all the prior claims.
A claim is a prior claim for the purposes of this section if—
it is a claim by any company for group relief in respect of the whole or a part of the amounts that, in relation to the current claim, are the surrendering company's surrenderable amounts for the surrender period,
it is made before the current claim, and
it has not been withdrawn.
These are the steps referred to in subsection (3)(b) to be taken in relation to each prior claim.
Step 1
Identify the overlapping period for the prior claim.
Step 2
Identify any period that is common to the overlapping period for the current claim and the overlapping period for the prior claim. If there is a common period, go to Step 3. If there is no common period, there is no previously used amount in relation to the prior claim (and ignore Step 3).
Step 3
Determine the previously used amount of group relief in relation to the prior claim (see subsection (6)).
To determine the previously used amount of group relief in relation to a prior claim—
take the proportion of the overlapping period for the prior claim that is included in the common period identified at Step 2 in relation to that claim, and
apply that proportion to the amount of group relief given on the prior claim.
The previously used amount of group relief in relation to the prior claim is the amount given as a result of paragraph (b).
For the meaning of “the overlapping period” see section 142.
Annotations
Modifications
- C1
Ss. 138-142 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 10(1)
- C2
Pt. 5 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))
- C3
Ss. 138-142 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 11 (with ss. 15(1), 16(1), 17)
Notes on Part 5
Modifications
- C1
Pt. 5 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 125 (with s. 147, Sch. 17)
- C2
Pt. 5 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(5)
- C3
Pt. 5 modified by 2009 c. 4, s. 1218ZDB(2) (as 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)))
- C4
Pt. 5 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10, 11
- C5
Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)
Notes on Chapter 4
Modifications
- C1
Pt. 5 modified by 2009 c. 4, s. 1218ZDB(2) (as 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)))
- C2
Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)