Section 456 — Corporation Tax Act 2009: Introduction to Chapter

Introduction to Chapter 456 1 This Chapter applies if —

a for any accounting period a company has a non-trading deficit from its loan relationships under section 301(6) , and b either—

i that accounting period begins before 1 April 2017, or ii at the end of that accounting period the company is a charity .

2 In this Chapter “the deficit” and “the deficit period” mean that deficit and that period respectively (but see section 458(5)).

3 Sections 457 and 458 set out the rules about carrying the deficit forward to later accounting periods.

4 Sections 459 and 460 deal with claims for the deficit to be dealt with differently.

5 Sections 461 to 463 deal with the consequences of such claims.