Section 463D — Corporation Tax Act 2009: Claim to set off deficit against profits for the deficit period

Claim to set off deficit against profits for the deficit period 463D 1 This section applies if a claim is made under section 463B(1)(a) for the whole or part of the deficit to be set off against profits for the deficit period.

2 The amount of the deficit to which the claim relates must be set off against the profits of the company for the deficit period which are identified in the claim.

3 Those profits are reduced accordingly.

4 Relief under this section must be given before relief is given against profits for the deficit period—

a under section 37 or 62(1) to (3) of CTA 2010 (deduction of losses from total profits for the same or earlier accounting periods), or b as a result of a claim under section 463B(1)(b) (carry-back) in respect of a deficit for a later period.

5 No relief may be given under this section against ring fence profits of the company within the meaning of Part 8 of CTA 2010 (oil activities) or contractor's ring fence profits of the company within the meaning of Part 8ZA of that Act (oil contractors).