Paragraph 9

United Kingdom

(1)

F1. . . This paragraph applies in any case where the company incurred a loss in a trade in an accounting period—

(a)

which precedes the first accounting period in respect of which F2an apportionment under section 747(3) falls to be made (“the starting period”); and

(b)

which ended less than six years before the beginning of the starting period; and

(c)

in which the company was not resident F3 F4. . . in the United Kingdom;

and in this paragraph any such accounting period is referred to as a “ F5pre-apportionment period”.

(2)

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

If a claim is made for the purpose by the United Kingdom resident company or companies referred to in paragraph 4(2) above, the chargeable profits (if any) of the company for accounting periods beginning with that pre-apportionment period which is specified in the claim and in which a loss is incurred as mentioned in sub-paragraph (1) above shall be determined (in accordance with the provisions of this Schedule other than this paragraph) on the assumption that that pre-apportionment period was the first accounting period in respect of which F7an apportionment under section 747(3) fell to be made.

F8(4)

A claim under sub-paragraph (3) above shall be made by notice given to an officer of the Board within the period of twenty months following the end of the starting period or within such longer period as the Board may in any particular case allow.

(5)

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

(6)

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

F9(7)

Nothing in—

(a)

paragraph 10 of Schedule 18 to the Finance Act 1998 (claims or elections in company tax returns), or

(b)

Schedule 1A to the Management Act (claims or elections not included in returns),

shall apply, whether by virtue of section 754 or otherwise, to a claim under sub-paragraph (3) above.

Annotations

Textual amendments

F1: Words in Sch. 24 para. 9(1) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(3)(a), Sch. 27 Pt. 3(27), Note; S.I. 1998/3173, art. 2
F2: Words in Sch. 24 para. 9(1)(a) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(3)(b); S.I. 1998/3173, art. 2
F3: Words in Sch. 24 para. 9(1)(c) inserted (with effect in accordance with s. 182 of the amending Act) by Finance Act 1996 (c. 8), Sch. 36 para. 3(9)
F4: Words in Sch. 24 para. 9(1)(c) omitted (with effect in accordance with Sch. 16 para. 6 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 2(6)(f) (with Sch. 16 paras. 7, 8)
F5: Words in Sch. 24 para. 9(1)(3) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(2); S.I. 1998/3173, art. 2
F6: Sch. 24 para. 9(2)(5)(6) repealed (with effect in accordance with Sch. 17 para. 37 of the repealing Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(4)(7)(8), Sch. 27 Pt. 3(27), Note; S.I. 1998/3173, art. 2
F7: Words in Sch. 24 para. 9(3) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(5); S.I. 1998/3173, art. 2
F8: Sch. 24 para. 9(4) substituted (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(6); S.I. 1998/3173, art. 2
F9: Sch. 24 para. 9(7) added (with effect in accordance with Sch. 17 para. 37 of the amending Act) by Finance Act 1998 (c. 36), Sch. 17 para. 20(9); S.I. 1998/3173, art. 2

Notes on Schedule 24

Marginal citations

M1: Source-1984 Sch. 16, 1985 Sch. 14 16

Modifications

C1: Sch. 24 modified (28.7.2000) by Finance Act 2000 (c. 17), Sch. 22 para. 54(2)-(5)