SCHEDULE 11 Pre-entry Losses
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 11 Pre-entry Losses

Section 46

TCGA 1992

1

In section 177A of TCGA 1992 (restriction on set-off of pre-entry losses), omit “and losses accruing on assets held by any company at such a timeâ€.

2

Schedule 7A to that Act (restriction on set-off of pre-entry losses) is amended as follows.

3

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

(2)     In sub-paragraph (1) for “is or has been†substitute “becomesâ€.

(3)     For sub-paragraph (2) substitute—

“(2)     In this Schedule “pre-entry lossâ€, 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.â€

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

(5)     In sub-paragraph (6) for “Subject to†to “if†substitute “Ifâ€.

(6)     Omit sub-paragraph (8).

4

Omit paragraphs 2 to 5 (determination of pre-entry proportion of losses on pre-entry assets).

5

(1)     Paragraph 6 (restrictions on the deduction of pre-entry losses) is amended as follows.

(2)     In sub-paragraph (2)—

(a)     omit paragraph (a) (and the “and†after it), and

(b)     in paragraph (b), omit “in any other caseâ€.

(3)     In sub-paragraph (3)—

(a)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Serving outside the jurisdiction with court permission—application and order

This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key

LEXISNEXIS

The tort of deceit

The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece