# Finance Act 2019, Paragraph 46


(1) This paragraph applies for the purposes of Steps 1 and 2 of paragraph 44.
(2) If the loss period is the first activation period, the reference to the “unused transferred profits amount” for a pre-acquisition accounting period is a reference to the transferred profits amount for that period.
(3) If the loss period is a post-activation period, the reference to the “unused transferred profits amount” for a pre-acquisition accounting period is a reference to the amount equal to—
(a) the transferred profits amount for the pre-acquisition accounting period, less
(b) the total of the amounts applied for the pre-acquisition accounting period in accordance with paragraph 25, for the purposes of the application of that paragraph in relation to the first activation period or an earlier post-activation period.

---
Source: https://www.legislation.gov.uk/ukpga/2019/1/schedule/15/paragraph/46 (the official version)
Page: https://openlegislation.uk/finance-act-2019/schedule-15/paragraph-46
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.