Section 1223 — Corporation Tax Act 2009: Carrying forward expenses of management and other amounts

Carrying forward expenses of management and other amounts 1223 1 This section applies if, in an accounting period of a company with investment business, any amount falling within subsection (2) cannot be deducted in full because—

a the profits from which the amount is deductible are insufficient , or b in the case of an amount falling within subsection (2)(c) —

i a claim relating to the whole of the amount has not been made under subsection (3B), or ii section 269ZD of CTA 2010 (restrictions on deductions from total profits) has effect for the accounting period, or iii section 269CC of CTA 2010 (restriction on deductions for management expenses) has effect for the accounting period.

2 The amounts are—

a expenses of management deductible under section 1219, b qualifying charitable donations made in the accounting period, so far as they are made for the purposes of the company's investment business, and c amounts brought forward to the period under this section.

3 The excess is treated for the purposes of section 1219 as expenses of management deductible for the next accounting period. 3A But subsection (3) does not apply in relation to so much of the excess as is surrendered as group relief under Part 5 of CTA 2010 or as group relief for carried-forward losses under Part 5A of that Act. 3B A deduction in respect of the excess may be made under section 1219 for the next accounting period only on the making by the company of a claim. 3C A claim may relate to the whole of the excess or to part of it only. 3D A claim must be made—

a within the period of two years after the end of the next accounting period, or b within such further period as an officer of Revenue and Customs may allow. 3E Subsection (1A) of section 1219 does not apply in relation to a deduction in respect of the excess made for the next accounting period. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 See also section 63 of CTA 2010 (which is about unused losses made in a UK property business) .