Section 188AA Introduction to PartF1

(1)

This Part—

(a)

allows a company to surrender losses and other amounts that have been carried forward to an accounting period of the company (see Chapter 2), and

(b)

enables, in certain cases involving groups or consortiums of companies, other companies to claim corporation tax relief for the losses and other amounts that are surrendered (see Chapter 3).

(2)

Chapters 4 and 5 contain limitations on the amount of corporation tax relief which may be given on a claim under Chapter 3.

(3)

See Chapter 5 for definitions that apply for the purposes of this Part and miscellaneous provisions.

(4)

The corporation tax relief mentioned in this section is called “group relief for carried-forward losses.

Annotations

Textual amendments

F1: Pt. 5A 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. 23

Notes on Part 5A

Modifications

C1: Pt. 5A 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))