Section 61 — Corporation Tax Act 2010: Unrelieved losses brought forward

Unrelieved losses brought forward 61 1 Subsection (2) applies if—

a a company (“the member company”) carries on a trade as a member of an LLP at a time during an accounting period (“ the current period ”),

and b as a result of section 59, relief under section 37 or Part 5 (group relief) has not been given for an amount of loss made in the trade by the member company as a member of the LLP in a previous accounting period.

2 For the purpose of determining the relief under section 37 or Part 5 to be given to any company, the amount of loss is treated as having been made by the member company in the current period so far as it is not excluded by subsection (3) or (4). 2A Subsection (2B) applies if—

a a company (“the member company”) carries on a trade as a member of an LLP at a time during an accounting period (“ the current period ”),

and b as a result of section 59, relief under section 45A or Part 5A (group relief for carried forward losses) has not been given for an amount of loss made in the trade by the member company as a member of the LLP in a previous accounting period. 2B For the purposes of determining the relief under section 45A or Part 5A to be given to any company, the amount of loss is treated as having been made by the member company in the current period so far as it is not excluded by subsection (3) or (4).

3 An amount of loss is excluded so far as—

a under this section the amount has been treated as made by the member company in a previous accounting period, and b as a result of that, relief under section 37 or 45A or Part 5 or Part 5A has been given for the amount or would have been given had a claim been made.

4 An amount of loss is also excluded so far as relief under the Corporation Tax Acts has been given for the amount other than as a result of this section.