SCHEDULES
SCHEDULE 10Corporation tax relief for carried-forward losses
6Restrictions on deductions from profits
1
Section 269ZD (restriction on deductions from total profits) is amended as follows.
2
In subsection (2)—
a
in paragraph (b)—
i
at the end of sub-paragraph (i) insert “and”, and
ii
omit sub-paragraph (iii) and the “and” immediately before it, and
b
in the second sentence omit “and section 269ZE”.
3
In subsection (4)(a) after “period” insert “(see section 269ZFA)”.
4
Omit subsection (5).
5
For subsection (7) substitute—
7
Subsection (2) does not apply in relation to a company for an accounting period where the amount given by paragraph (1) of step 1 in section 269ZF(3) is not greater than nil.