Schedules

F1SCHEDULE A1First-year tax credits

Annotations:
Amendments (Textual)
F1

Sch. A1 inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 5

Part 1Entitlement to first-year tax credits

Unrelieved loss

15

1

This paragraph applies where the qualifying activity is managing the investments of a company with investment business.

2

The amount of the loss that is unrelieved is the amount of the loss (see paragraph 8), reduced by the amount of—

a

any loss that was or could have been surrendered under section 403(1) of ICTA (surrender of relief to group or consortium members), and

b

any amount set off against the loss under section 400 of that Act (write-off of government investment).

3

For this purpose, no account is to be taken of any amount brought forward from an earlier chargeable period under section 75(9) of that Act.