Section 188AA — Corporation Tax Act 2010: Introduction to Part

Introduction to Part 188AA 1 This Part—

a allows a company to surrender losses and other amounts that have been carried forward to an accounting period of the company (see Chapter 2),

and b enables, in certain cases involving groups or consortiums of companies, other companies to claim corporation tax relief for the losses and other amounts that are surrendered (see Chapter 3).

2 Chapters 4 and 5 contain limitations on the amount of corporation tax relief which may be given on a claim under Chapter 3.

3 See Chapter 5 for definitions that apply for the purposes of this Part and miscellaneous provisions.

4 The corporation tax relief mentioned in this section is called “group relief for carried-forward losses.