Paragraph 20

(1)

Section 269CC (restriction on deductions for pre-1 April 2015 management expenses etc) is amended as follows.

(2)

In subsection (3) for the words from “does not apply” to the end substitute “ is subject to subsection (8) ”.

(3)

In subsection (7)—

(a)

in the second sentence of step 1, for “269CD” substitute “ 269ZD(5) ”,

(b)

in step 2 for the words from “which are” to the end substitute

“under—
(a)
section 45 (carry forward of pre-1 April 2017 trade loss against subsequent trade profits),
(b)
section 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits), or
(c)
section 457 of CTA 2009 (carry forward of pre-1 April 2017 non-trading deficits from loan relationships).”

(4)

After subsection (7) insert—

“(8)
Subsection (2) does not apply in relation to a banking company for an accounting period where, in determining the company's relevant profits for the period, the amount given by step 1 in section 269ZF(3) is not greater than nil.”