Section HM 66 — Income Tax Act 2007: Formation losses carried forward to tax year

HM 66 Formation losses carried forward to tax year What this section applies to (1) This section applies to an entity that becomes a PIE, other than a multi-rate PIE that calculates and pays tax using the exit calculation or quarterly calculation option under section HM 42 or HM 43 , when the entity has a formation loss. Amount carried forward (2) The amount of formation loss may be included in a loss balance carried forward under Part I (Losses) to a tax year in which the entity is a PIE. Defined in this Act: amount , formation loss , loss balance , multi-rate PIE , pay , PIE , quarter , tax , tax year Compare: 2007 No 97 s HL 30(1), (2) Section HM 66: inserted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).