Section 356EB — Finance Act 2014: Carrying forward of unactivated allowance

Carrying forward of unactivated allowance 356EB 1 This section applies where X is greater than Y in the case of an accounting period of a company and a site, where— X is the closing balance of unactivated allowance for the accounting period and the site; Y is the company's relevant income for the accounting period from that site.

2 An amount equal to the difference between X and Y is treated as onshore allowance held by the company for that site for the next accounting period (and is treated as held with effect from the beginning of that period).