Section 462 — Corporation Tax Act 2009: Claim to carry back deficit to earlier accounting periods

Claim to carry back deficit to earlier accounting periods 462 1 This section applies if a claim is made under 459(1)(b) for the whole or part of the deficit to be carried back to be set off against profits for accounting periods before the deficit period.

2 The claim has effect only if it relates to an amount equal to the lesser of—

a so much of the deficit as is not an amount in relation to which a claim is made under section 459(1)(a),

and b the total amount of the profits available for relief under this section.

3 Section 463 explains which profits are so available.

4 The amount to which the claim relates is set off against those profits by treating them as reduced accordingly.

5 If those profits are profits for more than one accounting period, the relief is applied by setting off the amount to which the claim relates against profits for a later period before setting off any remainder of that amount against profits for an earlier period.