OpenLegislation

Paragraph 52

(1)

Section 321 (supplement in respect of a post-commencement period) is amended as follows.

(2)

In subsection (2) (treatment of supplement as loss etc)—

(a)

in the words before paragraph (a) after “period” insert “ beginning before 1 April 2017 ”, and

(b)

in paragraph (b) after “forward of” insert “ pre-1 April 2017 ”.

(3)

After subsection (2) insert—

“(2A)

Any post-commencement supplement allowed on a claim in respect of a post-commencement period beginning on or after 1 April 2017 is to be treated for the purposes of the Corporation Tax Acts (other than the post-commencement supplement provisions or Part 4 of Schedule 19B to ICTA) as if it were a loss—

(a)

which is incurred in carrying on the ring fence trade in that period, and

(b)

which falls in whole to be used under section 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.”