Paragraph 50

(1)

Section 305 (group relief) is amended as follows.

(2)

In the heading, at the end insert “ and group relief for carried-forward losses ”.

(3)

After subsection (1) insert—

“(1A)
On a claim under Chapter 3 of Part 5A, group relief for carried-forward losses may not be allowed against the claimant company's ring fence profits.”

(4)

For subsection (4) substitute—

“(4)
In this section—
“claimant company” is to be read in accordance with Part 5 (see section 188) or Part 5A (see sections 188CB(2) and 188CC(2)), as the case requires;
“surrendering company” is to be read in accordance with Part 5 (see section 188).”