Section 303D — Corporation Tax Act 2010: Further carry forward against subsequent profits of loss not fully used

Further carry forward against subsequent profits of loss not fully used 303D 1 This section applies if—

a an amount of a loss made in a ring fence trade is carried forward to an accounting period (“the later period”) of a company under section 303B(2) or subsection (3) of this section, b any of that amount is unrelieved in the later period, and c the company continues to carry on the ring fence trade in the accounting period (“the further period”) after the later period.

2 An amount carried forward as mentioned in subsection (1)(a) is “unrelieved in the later period” so far as it is not—

a deducted under section 303B(4) or subsection (5) of this section from the company's profit (if any) of the later period, b deducted from the company's total profits of the later period on a claim under section 303C, or c surrendered by way of group relief for carried-forward losses under Part 5A of CTA 2010.

3 So much of the amount mentioned in subsection (1)(a) as is unrelieved in the later period is carried forward to the further period.

4 Relief for the amount carried forward under subsection (3) (“the remaining carried forward amount”) is given to the company in the further period if the company has a profit in the trade for that period.

5 The relief is given by reducing the profits of the trade of the further period by the remaining carried forward amount.

6 Relief under this section is subject to restriction or modification in accordance with the provisions of the Corporation Tax Acts.