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Corporation Tax Act 2010, Section 269CB is up to date with all changes known to be in force on or before 03 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section has effect for determining the taxable total profits of a banking company for an accounting period.
(2)Any deduction made by the company for the accounting period in respect of a pre-2015 carried-forward non-trading deficit may not exceed [F225%] of the company's [F3total relevant non-trading profits] for the accounting period.
Section [F4269ZF] contains provision for calculating a company's [F3total relevant non-trading profits] for an accounting period (see [F5subsection (2B)] of that section).
(3)But subsection (2) does not apply [F6in relation to a banking company for an accounting period where, in determining the company's [F7total relevant non-trading profits] for the period, the amount given by step 1 in section 269ZF(3) is not greater than nil].
(4)In this Chapter “pre-2015 carried-forward non-trading deficit”, in relation to a company and an accounting period (“the current accounting period”), means a non-trading deficit—
(a)which the company had from its loan relationships under section 301(6) of CTA 2009 for an accounting period ending before 1 April 2015, and
(b)which is carried forward under section 457 of that Act (carry forward of deficits to accounting periods after deficit period) to be set off against non-trading profits of the current accounting period.
(5)In subsection (4) “non-trading profits” has the same meaning as in section 457 of CTA 2009.
(6)See also sections 269CE to 269CH (losses to which restrictions do not apply).]
Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1
F2Word in s. 269CB(2) substituted (with effect in accordance with s. 57(5) of the amending Act) by Finance Act 2016 (c. 24), s. 57(3)
F3Words in s. 269CB(2) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 37(2)(a), 42 (with Sch. 4 paras. 43-46)
F4Word in s. 269CB(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 19(2)(a)
F5Words in s. 269CB(2) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 37(2)(b), 42 (with Sch. 4 paras. 43-46)
F6Words in s. 269CB(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 19(3)
F7Words in s. 269CB(3) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 37(3), 42 (with Sch. 4 paras. 43-46)
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