Section 458 — Corporation Tax Act 2009: Claim to carry forward deficit to later accounting periods

Claim to carry forward deficit to later accounting periods 458 1 The company may make a claim for so much of the amount carried forward from the deficit period as is specified in the claim to be excepted from being set off against non-trading profits of the first accounting period after the deficit period (“the first later period”).

2 Any such claim must be made within the period of 2 years after the end of the first later period.

3 Subsection (4) applies if any amount is carried forward from the deficit period under section 457(1) which—

a cannot be set off under section 457(3) against non-trading profits of the first later period, or b is the subject of a claim under subsection (1).

4 That amount is treated for the purposes of this Part as if it were—

a an amount of non-trading deficit from the company's loan relationships for the first later period, and b an amount which falls to be carried forward and set against non-trading profits of later accounting periods under section 457(1).

5 Accordingly, section 457 and this section apply as if the first later period were the deficit period.