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Corporation Tax Act 2010
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- UK Public General Acts
- 2010 c. 4
- Part 21A
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- Section 937L
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- 08/04/2010- Amendment
- 01/04/2014
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Corporation Tax Act 2010, Section 937L is up to date with all changes known to be in force on or before 02 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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[F1937LInterpretation of references to economic losses and profitsU.K.
This section has no associated Explanatory Notes
(1)A reference in this Part to an “economic” loss or profit made by any person in a period is to a loss or profit made by that person in that period, computed taking into account unrealised (as well as realised) losses and profits.
(2)For the purposes of this Part an economic loss or profit is made “by the relevant group” if it is made by the members of the relevant group considered together.
(3)Where—
(a)any member of the relevant group makes a scheme loss or profit in an accounting period, and
(b)that scheme loss or profit is, under generally accepted accounting practice, calculated by reference to fluctuations in the scheme rate, index or value over a longer period,
the economic loss or profit made by the group in the accounting period as a result of those fluctuations is, so far as it relates to that scheme loss or profit, to be computed over that longer period.
(4)In determining for the purposes of this Part the amount of an economic loss or profit made by the relevant group in any period, the economic losses and profits of each member of the relevant group—
(a)are (subject to subsection (3)) to be computed over that period (whether or not that period is an accounting period of the member), but
(b)are only to be taken into account to the extent that they are attributable to times at which the member is a party to the risk transfer scheme in question.
(5)A reference in this Part to a “pre-tax” economic loss or profit is a reference to an economic loss or profit determined disregarding any loss or gain made as a result of the operation of any provision of the Corporation Tax Acts.]
Textual Amendments
F1Pt. 21A inserted (with effect in accordance with Sch. 16 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 16 para. 3
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