(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, 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 charges on income' has the same meaning as in section 243A;
'relevant trading loss' has the same meaning as in section 396A but does not include any amount which is the relevant amount of the loss for the purposes of section 403(4).
(2) Where in any accounting period the surrendering company has incurred a relevant trading loss, computed as for the purposes of section 396(2), or an excess of relevant trading charges on income, in carrying on a trade in respect of which the company is within the charge to corporation tax, and the amount of the loss or e
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