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Finance Act 1998, Paragraph 69 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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69(1)A claim for group relief may be made for less than the amount available for surrender at the time the claim is made.U.K.
(2)A claim is ineffective if the amount claimed exceeds the amount available for surrender at the time the claim is made.
(3)For these purposes the amount available for surrender at any time is calculated as follows.
First step
Determine the total amount available for surrender under [F1Part 5 of the Corporation Tax Act 2010]—
on the basis of the information in the company’s company tax return, and
disregarding any amendments whose effect is deferred under paragraph 31(3).
Second step
Then deduct the total of all amounts for which notices of consent have been given by the company and not withdrawn.
(4)Where one or more claims are withdrawn on the same day as one or more claims are made, the withdrawals are given effect first.
(5)Where more than one claim is made on the same day, and the claims together take the amount claimed over the limit of what is available for surrender, [F2an officer of Revenue and Customs] may determine which of the claims is to be ineffective.
(6)The power under sub-paragraph (5) shall not be exercised to any greater extent than is necessary to bring the total amount claimed within the amount available for surrender.
Textual Amendments
F1Words in Sch. 18 para. 69(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 297(10) (with Sch. 2)
F2Words in Sch. 18 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(a); S.I. 2005/1126, art. 2(2)(h)
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