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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2013 - onwards
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396B. Relief for certain trading losses on a value basis.

(1) In this section -

'relevant corporation tax', in relation to an accounting period of a company, means the corporation tax which would be chargeable on the company for the accounting period apart from -

(a) this section and sections 239, 241, 420B, 440 and 441, and

(b) where the company carries on a life business (within the meaning of section 706), any corporation tax which would be attributable to policyholders' profits;

'relevant trading loss' has the same meaning as in section 396A.

(2) Where in any accounting period a company carrying on a trade incurs a relevant trading loss and the amount of the loss exceeds an amount equal to the aggregate of the amounts which could, if a timely claim for such set off had been made by the company, have been set off in respect of that loss for the purposes of corporation tax against income of the company of that accounting period and any preceding accounting period in accordance with section 396A(3), then the company may claim relief under th

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