Section 45C — Corporation Tax Act 2010: Re-application of section 45A if loss remains after previous application

Re-application of section 45A if loss remains after previous application 45C 1 This section applies if—

a an amount of a loss made in a trade is carried forward to an accounting period (“the later period”) of a company under section 45A(4),

b any of that amount is not deducted from the company's total profits of the later period on a claim under section 45A(5) or surrendered by way of group relief for carried forward-losses under Part 5A, c the company continues to carry on the trade in the accounting period (“the further period”) after the later period, and d the conditions in subsection (2) are met.

2 The conditions are that—

a the trade did not become small or negligible in the later period, b relief under section 37 would not be unavailable by reason of section 44 for a loss (assuming there was one) made in the trade in the further period, and c the further period is not an excluded accounting period of a general insurance company.

3 Subsections (4) to (8) of section 45A apply as if—

a references to the unrelieved amount were to so much of the amount carried forward to the later period as is not deducted or surrendered as mentioned in subsection (1)(b),

and b references to the later period were to the further period.

4 In this section “ excluded accounting period ” and “ general insurance company ” have the same meaning as in section 45A.