Section 371SL Group relief etcF1

United Kingdom

(1)

Assume that the CFC is neither a member of a group of companies nor a member of a consortium for the purposes of any provision of the Tax Acts.

(2)

Subsection (3) applies if—

(a)

under Part 5 of CTA 2010 (group relief) F2or Part 5A of that Act (group relief for carried-forward losses) the CFC actually surrenders any relief which is allowed to another company by way of group relief F3or group relief for carried-forward losses, but

(b)

applying the corporation tax assumptions apart from subsection (3), the relief would reduce the CFC's assumed taxable total profits for the relevant accounting period.

(3)

Assume that the relief is to be ignored in determining the CFC's assumed taxable total profits for the relevant accounting period.

(F44)

This section is subject to section 371SLA (corporate interest restriction).

Annotations

Textual amendments

F1: Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)
F2: Words in s. 371SL(2)(a) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 181(a)
F3: Words in s. 371SL(2)(a) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 181(b)
F4: S. 371SL(4) inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 23(2)