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Corporation Tax Act 2009
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- UK Public General Acts
- 2009 c. 4
- PART 15B
- CHAPTER 4
- Section 1217DC
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Changes over time for: Section 1217DC
Version Superseded: 26/03/2015
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- 17/07/2013- Amendment
- 17/07/2013
Point in time - 26/03/2015- Amendment
- 16/11/2017- Amendment
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[F11217DCTerminal lossesU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a company (“company A”) is the video games development company in relation to a qualifying video game,
(b)company A ceases to carry on its separate trade in relation to that video game (“trade X”) (see section 1217B), and
(c)if company A had not ceased to carry on trade X, it could have carried forward an amount under section 45 of CTA 2010 to be set against profits of trade X in a later period (“the terminal loss”).
(2)If on cessation of trade X company A—
(a)is the video games development company in relation to another qualifying video game, and
(b)is carrying on its separate trade in relation to that video game (“trade Y”),
it may (on making a claim) make an election under subsection (3).
(3)The election is to have the terminal loss (or a part of it) treated as if it were a loss brought forward under section 45 of CTA 2010 to be set against the profits of trade Y in the first accounting period beginning after the cessation and so on.
(4)Subsection (5) applies if on cessation of trade X—
(a)there is another company (“company B”) that is the video games development company in relation to a qualifying video game,
(b)company B is carrying on its separate trade in relation to that video game (“trade Z”), and
(c)company B is in the same group as company A for the purposes of Part 5 of CTA 2010 (group relief).
(5)Company A may surrender the terminal loss (or a part of it) to company B.
(6)On the making of a claim by company B the amount surrendered is treated as if it were a loss brought forward by company B under section 45 of CTA 2010 to be set against the profits of trade Z of the first accounting period of that company beginning after the cessation and so on.
(7)The Treasury may, in relation to the surrender of a loss under subsection (5) and the resulting claim under subsection (6), make provision by regulations corresponding, subject to such adaptations or other modifications as appear to them to be appropriate, to that made by Part 8 of Schedule 18 to FA 1998 (company tax returns: claims for group relief).
(8)“Qualifying video game” means a video game in relation to which the conditions for video games tax relief are met (see 1217C(2)).]
Textual Amendments
F1Pt. 15B inserted (for specified purposes and with effect in accordance with Sch. 17 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 17 paras. 1, 2
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