Section HM 67 — Income Tax Act 2007: Formation losses carried forward to first quarter

HM 67 Formation losses carried forward to first quarter When this section applies (1) This section applies when an entity becomes a multi-rate PIE that— (a) calculates and pays tax using the exit calculation or quarterly calculation option under section HM 42 or HM 43 ; and (b) has a formation loss. Amount carried forward (2) The amount of formation loss may be carried forward under Part I (Losses) to the quarter in which the entity becomes a PIE. Defined in this Act: amount , formation loss , multi-rate PIE , pay , PIE , quarter Compare: 2007 No 97 s HL 30(1) Section HM 67: 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).