Section 269CJ — Corporation Tax Act 2010: Re-allocation of carried-forward loss allowance

Re-allocation of carried-forward loss allowance 269CJ 1 This section applies where—

a a building society is a member of a group, b the building society has given HMRC a statement of allocation in accordance with section 269CI, c the building society, or any other member of the group that is a banking company, (the “designating company”) would, if it had an amount (or an additional amount) of carried-forward loss allowance, be able to designate an amount of losses under section 269CH equal to that amount, and d that amount is greater than the amount of carried-forward loss allowance which the building society could allocate under section 269CI.

2 In this section the “ available carried-forward loss allowance ” means the total of any amounts of carried-forward loss allowance which any member of the group, other than the designating company, has (see section 269CH(5)).

3 The building society may—

a allocate some or all of the available carried-forward loss allowance to the designating company, and b provide that, to the extent that any of the amount allocated to the designating company under this subsection is an amount of carried-forward loss allowance which, immediately before the allocation, was an amount allocated to another company, that amount is no longer allocated to that other company.

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

a the amount of the available carried-forward loss allowance immediately before the allocation, b the companies which had an amount of carried-forward loss allowance immediately before the allocation, and the amount of carried-forward loss allowance which each of those companies had at that time, and c the companies which have an amount of carried-forward loss allowance immediately after the allocation (“the relevant companies”), and the amount of carried-forward loss allowance which each of those companies has.

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

a the first day after the allocation on which 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 any of the relevant companies is amended so as to include such a designation. This is subject to subsection (6).

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

7 An allocation made under subsection (3) is not effective unless the requirements of this section have been complied with.

8 Except as provided for by this section, a revised statement of allocation that has been given to HMRC under this section may not be amended or withdrawn.