Section 937I — Corporation Tax Act 2010: A company's losses pool and profits pool

A company's losses pool and profits pool 937I 1 The amount of a company's losses pool for a risk transfer scheme as at the beginning of an accounting period (“the current accounting period”) is— A + B – C where— A is— the amount of the pool as at the beginning of the previous accounting period, or if the risk transfer scheme began in the current accounting period, nil, B is the total amount, if any, of ring-fenced scheme losses made in the previous accounting period in relation to the scheme by the company that, as a result of the application of section 937G(2) or (3), are not brought into account in that period, and C is the total amount (if any) that, as a result of the application of section 937H(2) or (3), is brought into account in the previous accounting period in relation to the scheme by the company.

2 The amount of a company's profits pool for a risk transfer scheme as at the beginning of an accounting period (“the current accounting period”) is— A + B – C where— A is— the amount of the pool as at the beginning of the previous accounting period, or if the risk transfer scheme began in the current accounting period, nil, B is— the total of any relevant scheme profits made in the previous accounting period in relation to the scheme by the company, less the total amount (if any) that, as a result of the application of section 937H(2) or (3), is brought into account in that accounting period in relation to the scheme by the company, and C is the total amount (if any) of ring-fenced scheme losses made in the previous accounting period in relation to the scheme by the company that, as a result of the application of section 937G(3) or (5), are brought into account in that period.