Section 269ZYB — Corporation Tax Act 2010: Provisional application of section 269ZYA

Provisional application of section 269ZYA 269ZYB 1 This section applies in relation to a company and an accounting period if—

a the conditions in section 269ZYA (3) (a) and (b) are met in relation to the accounting period, and b the company’s tax return for the accounting period is delivered before the end of the financial year in which the accounting period falls (“the relevant financial year”).

2 The company may make a declaration in the return for the accounting period that—

a at all earlier times in the relevant financial year—

i the company had no source of chargeable income (see section 269ZYA (2) ),

and ii if the company is a member of a group, each other member of the group had no source of chargeable income, and b the person intends to make a claim under section 269ZYA (3) in respect of the accounting period.

3 Until the declaration ceases to have effect, section 269ZYA has effect as if the company had made a claim under that section.

4 The declaration ceases to have effect if—

a it is withdrawn, b it is superseded by a claim made under section 269ZYA , or c the company or, if the company is a member of a group, another member of the group, acquires a source of chargeable income before the end of the relevant financial year.

5 So far as not previously ceasing to have effect under subsection (4) , the declaration ceases to have effect two years after the end of the accounting period in respect of which it is made.

6 If the declaration ceases to have effect, all necessary adjustments must be made, by assessment, amendment of returns or otherwise.

7 Subsection (6) applies despite any limitation on the time within which assessments or amendments may be made.