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Paragraph 70

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where loss relief is claimed by the investing company it must be claimed—

(a)

in priority to any relief claimed by that company under F1Chapter 5 of Part 4 of CTA 2010 (relief for loss on disposal of shares in certain trading companies by investment companies), F2...

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

Where loss relief is obtained for an amount of a loss no deduction shall be made in respect of that amount—

(a)

by virtue of F3section 70 of CTA 2010 (relief for loss on disposal of shares in certain trading companies by investment companies), or

(b)

for the purposes of corporation tax on chargeable gains.

Annotations

Textual amendments

F1

Words in Sch. 15 para. 70(1)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 315(11)(a) (with Sch. 2)

F2

Sch. 15 para. 70(1)(b) and word repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 315(11)(b), Sch. 3 Pt. 1 (with Sch. 2)

F3

Words in Sch. 15 para. 70(2)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 315(11)(c) (with Sch. 2)