Section 45E Re-application of section 45B if loss remains after previous applicationF1

(1)

This section applies if—

(a)

an amount of a loss made in a trade is carried forward to an accounting period (“the later period”) of a company under section 45B(2),

(b)

any of that amount is not used under section 45B(4) to reduce profits of the trade for the later period, and

(c)

the company continues to carry on the trade in the accounting period (“the further period”) after the later period.

(2)

Subsections (2) to (8) of section 45B apply as if—

(a)

references to the unrelieved amount were to so much of the amount carried forward to the later period as was not used as mentioned in subsection (1)(b), and

(b)

references to the later period were to the further period.

Annotations

Textual amendments

F1: Ss. 45A-45H 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. 11

Notes on Part 4

Modifications

C1: Pt. 4 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
C2: Pt. 4 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))