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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2023 - onwards
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835AAD. Carry forward of disallowable amount.

(1) Where section 835AAC applies to a relevant entity for an accounting period (in this section referred to as the 'first-mentioned accounting period'), the relevant entity may carry forward the disallowable mount to succeeding accounting periods in accordance with this section and any such amount carried forward shall be referred to in this section as a 'deemed borrowing cost'.

(2) This subsection applies where an amount of deemed borrowing cost arises from a disallowable amount which would have, but for this Part, reduced the amount of tax payable by the relevant entity in the first-mentioned accounting period or the accounting period immediately prior to the first-mentioned accounting period.

(3) Subject to subsections (5), (6), (15) and (16), where subsection (2) applies, a relevant entity may make a claim to deduct the amount of deemed borrowing cost referred to in subsection (2), or a portion there of -

(a) from its total profits or chargeable gains arising in an accounting perio

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