Section 269CI — Corporation Tax Act 2010: Allocation of carried-forward loss allowance within a group

Allocation of carried-forward loss allowance within a group 269CI 1 This section applies where a building society—

a is a member of a group, and b has an amount of carried-forward loss allowance (see section 269CH(5)).

2 The building society may allocate some or all of that amount of carried-forward loss allowance to any other member of the group which is a banking company.

3 Where a building society makes an allocation under subsection (2), it must give HMRC a statement (a “statement of allocation”) which specifies—

a the amount of carried-forward loss allowance which the building society had immediately before it made the allocation, b the companies (“the relevant companies”) to which an amount of carried-forward loss allowance has been allocated, c the amount of carried-forward loss allowance allocated to each of the relevant companies, and d the total amount of carried-forward loss allowance allocated by the building society.

4 The statement of allocation must be given to HMRC on or before—

a the first day after the allocation on which the building society, or any of the relevant companies, delivers a company tax return which includes a designation made under section 269CH, or b if earlier, the first day after the allocation on which a company tax return of the building society, or any of the relevant companies, is amended so as to include such a designation. This is subject to subsection (5).

5 An officer of Revenue and Customs may provide that the statement of allocation may be given to HMRC on or before a later day specified by the officer.

6 An allocation made under subsection (2) is not effective unless the requirements of this section have been complied with.

7 A statement of allocation that has been given to HMRC under this section may not be amended or withdrawn. This is subject to section 269CJ.