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(1)In this section “the first banking accounting period”, in relation to a company, means the accounting period in which the company first begins to carry on a relevant regulated activity.
(2)References in this Chapter to a pre-2015 carried-forward trading loss do not include a loss which was made in a trade of a company in an accounting period ending before the first banking accounting period.
(3)References in this Chapter to a pre-2015 carried-forward non-trading deficit do not include a non-trading deficit which a company had from its loan relationships under section 301(6) of CTA 2009 for an accounting period ending before the first banking accounting period.
(4)References in this Chapter to pre-2015 carried-forward management expenses, in relation to a company, do not include—
(a)any amounts falling within section 269CC(5) which—
(i)for the purposes of Chapter 2 of Part 16 of CTA 2009 are referable to an accounting period ending before the first banking accounting period, or
(ii)in the case of qualifying charitable donations, were made in an accounting period ending before the first banking accounting period, or
(b)any amounts of loss falling within section 269CC(6) which were made in an accounting period ending before the first banking accounting period.
(5)Section 269CL contains provision for determining when a company first begins to carry on a relevant regulated activity.]
Textual Amendments
F1Pt. 7A inserted (with effect in accordance with Sch. 2 para. 7-9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 2 para. 1
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