SCHEDULES

SCHEDULE 11Pre-entry losses

TCGA 1992

3

1

Paragraph 1 (application and construction of Schedule) is amended as follows.

2

In sub-paragraph (1) for “is or has been” substitute “ becomes ”.

3

For sub-paragraph (2) substitute—

2

In this Schedule “pre-entry loss”, in relation to any company, means any allowable loss that accrued to that company at a time before it became a member of the relevant group.

4

Omit sub-paragraphs (3), (3A), (4) and (5).

5

In sub-paragraph (6) for “Subject to” to “if” substitute “ If ”.

6

Omit sub-paragraph (8).