Section 92 — Corporation Tax Act 2010: Loss relief to be reduced if government investment is written off

Loss relief to be reduced if government investment is written off 92 1 This section applies if an amount of government investment in a company (“the written-off amount”) is written off.

2 The written-off amount is set off against the company's carry-forward losses as at the end of the accounting period ending last before the day of the write-off.

3 If the written-off amount exceeds those losses, the excess is set off against the company's carry-forward losses as at the end of the next accounting period and so on until the whole of the written-off amount has been set off.

4 In this Chapter “ company ” has the meaning given by section 1121 but does not include an unincorporated association.

5 This section needs to be read with— section 93 (which applies if the company is in a group of companies), section 94 (which explains what is meant by government investment being written off and how the written-off amount is calculated), and section 95 (which explains what is meant by carry-forward losses).