OpenLegislation

Section 132 Modifications where loss carried forward.F1C1

(1)

This section applies where section 131(12) above treats a company as incurring a loss in an accounting period by virtue of section 129 above.

(2)

In this section references to amount C are to so much of amount B as the company is treated as incurring in the accounting period otherwise than by virtue of section 131(12).

(3)

Where section 131 above applies by virtue of section 131(1) and this section applies, then, as regards the accounting period—

(a)

if amount C is nil section 131(3) to (6) shall not apply;

(b)

if amount C exceeds nil the references to the relievable amount in section 131(3) to (7), (13) and (14) shall be construed as references to so much of that amount as equals amount C.

(4)

Where section 131 above applies by virtue of section 131(2) and this section applies, then, as regards the accounting period—

(a)

if amount C does not exceed amount A section 131(3) to (6) shall not apply;

(b)

if amount C exceeds amount A the references to the relievable amount in section 131(3) to (7), (13) and (14) shall be construed as references to so much of that amount as equals amount C minus amount A.

Annotations

Textual amendments

F1

S. 130 substituted (29.4.1996) for ss. 130-133 by 1996 c. 8, s. 104, Sch. 14 para. 69 (with ss. 80-105)

Modifications

C1

S. 132 modified (3.5.1994) by 1994 c. 9, ss. 160(2)(3), 169, Sch. 18 paras. 1(3)(4), 3(3)

Notes on Chapter II

Modifications

C1

Pt. II Chapter II (ss. 125-170) modified (1.5.1995) by 1988 c. 1, Sch. 24 para. 19(2) (as inserted (1.5.1995) by 1995 c. 4, s. 133, Sch. 25 paras. 1, 6(5))

Pt. II Chapter II (ss. 125-170) restricted (31.7.1998) by 1988 c. 1, Sch. 28AA para. 8 (as inserted (31.7.1998) by 1998 c. 36, s. 108, Sch. 16 para. 8(1)(a))

Pt. II Chapter II (ss. 125-170): power to amend conferred (3.5.1994) by 1994 c. 9, s. 177(6)(b)

Pt. II Chapter II (ss. 125-170) excluded (3.5.1994) by 1994 c. 9, ss. 226(2), 230

Pt. II Chapter II (ss. 125-170) modified (19.9.1994) by 1994 c. 21, s. 21, Sch. 4 Pt. I para. 23(2) (with s. 40(7)); S.I. 1994/2189, art. 2, Sch.

Pt. II Chapter II (ss. 125-170) modified (23.3.1995) by S.I. 1994/3226, reg. 3(2)

Pt. II Chapter II (ss. 125-170) applied (23.3.1995) by S.I. 1994/3231, reg. 2(1)

Pt. II Chapter II (ss. 125-170) modified (29.4.1996) by 1996 c. 8, s. 105, Sch. 15 Pt. I para. 22(1) (with ss. 80-105)

C2

Pt. II Chapter II to be construed with 1994 c. 31, Sch. 4 Pt. I para. 23 (19.9.1994) by 1994 c. 21, s. 21, Sch. 4 Pt. I para. 23(5); S.I. 1994/2189, art. 2, Sch.