Section 269CA Restriction on deductions for trading lossesF1

United Kingdom

(1)

This section has effect for determining the taxable total profits of a banking company for an accounting period.

(2)

Any deduction made by the company for the accounting period in respect of a pre-2015 carried-forward trading loss may not exceed F225% of the company's relevant trading profits for the accounting period.

Section F3269ZF contains provision for calculating a company's relevant trading profits for an accounting period (see F4... subsection (1) of that section).

(3)

But subsection (2) does not apply F5in relation to a banking company for an accounting period where, in determining the company's relevant trading profits for the period, the amount given by step 1 in section 269ZF(3) is not greater than nil .

(4)

In this Chapter “pre-2015 carried-forward trading loss”, in relation to a company and an accounting period (“the current accounting period”), means a loss which—

(a)

was made in a trade of the company in an accounting period ending before 1 April 2015, and

(b)

is carried forward to the current accounting period under section 45 (carry forward of trade loss against subsequent trade profits).

(5)

See also sections 269CE to 269CH (losses to which restrictions do not apply).

Annotations

Textual amendments

F1: Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1
F2: Word in s. 269CA(2) substituted (with effect in accordance with s. 57(5) of the amending Act) by Finance Act 2016 (c. 24), s. 57(2)
F3: Word in s. 269CA(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(2)(a)
F4: Words in s. 269CA(2) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(2)(b)
F5: Words in s. 269CA(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 18(3)