Section 321 — Corporation Tax Act 2010: Supplement in respect of a post-commencement period

Supplement in respect of a post-commencement period 321 1 A qualifying company which incurs a ring fence loss (see section 323) in any post-commencement period may claim supplement under this section (“post-commencement supplement”) in respect of—

a that period, or b any subsequent accounting period in which it carries on its ring fence trade.

2 Any post-commencement supplement allowed on a claim in respect of a post-commencement period beginning before 1 April 2017 is to be treated for the purposes of the Corporation Tax Acts (other than the post-commencement supplement provisions or Part 4 of Schedule 19B to ICTA) as if it were a loss—

a which is incurred in carrying on the ring fence trade in that period, and b which falls in whole to be used under section 45 (carry forward of pre-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods. 2A Any post-commencement supplement allowed on a claim in respect of a post-commencement period beginning on or after 1 April 2017 is to be treated for the purposes of the Corporation Tax Acts (other than the post-commencement supplement provisions or Part 4 of Schedule 19B to ICTA ) as if it were a loss—

a which is incurred in carrying on the ring fence trade in that period, and b which falls in whole to be used under section 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.

3 Paragraph 74 of Schedule 18 to FA 1998 (company tax returns etc: time limit for claims for group relief) applies in relation to a claim for post-commencement supplement as it applies in relation to a claim for group relief.

4 In this Chapter “ the post-commencement supplement provisions ” means this section and sections 322 to 329.