Section 459 — Corporation Tax Act 2009: Claim to set off deficit against profits of deficit period or earlier periods

Claim to set off deficit against profits of deficit period or earlier periods 459 1 The company may make a claim for the whole or part of the deficit—

a to be set off against any profits of the company (of whatever description) for the deficit period, or b to be carried back to be set off against profits for earlier accounting periods.

2 No claim may be made under subsection (1) in respect of a deficit which is surrendered as group relief under Part 5 of CTA 2010 .

3 Subsection (1) does not apply if the company is a charity.

4 For time limits and other provisions applicable to claims under subsection (1), see section 460.

5 For what happens when a claim is made under subsection (1)(a), see section 461.

6 For what happens when a claim is made under subsection (1)(b), and for the profits available for relief where such a claim is made, see sections 462 and 463.