SolvedIFM23110 | Real Estate Investment Trust : Entry to the regime: effects of entry: other expenses etc pre-entry periods: CTA2010/S541
From HM Revenue & Customs · Investment Funds Manual
The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See for descriptions of terms used below.
Table 3: other expenses, losses etc
| ##### Description | ##### Type of loss etc | ##### Can be used against |
|---|---|---|
| Losses brought forward against certain investment income | ICTA1988/S393(8) | Same type of investment income included in the residual business |
| Unused non-trading loan relationship and derivative contract deficits | CTA2009/S457 (financial instruments) | Non-trading profits included in the residual business (even if deficit relates to financing costs etc of qualifying property business carried on pre-entry) |
| CVS loss relief | ICTA1988/S573 | Investment companies only |
| Excess management expenses | CTA2009/S1223 | Profits of the residual business (even if excess related to managing subsidiaries that operated qualifying property business pre-entry) |
| CAs for management of business | Investment companies only | |
| Unused non-trading losses on intangible fixed assets | FA2002/Sch29/Para35(3). | Future profits of the residual business |
| Non-trade CAs | Future profits of the residual business | |
| Excess charges paid | ICTA1988/S338(4) | No carry forward (relief restricted to payments made in the accounting period) |
See [The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See for descriptions of terms used below.
Table 3: other expenses, losses etc
| ##### Description | ##### Type of loss etc | ##### Can be used against |
|---|---|---|
| Losses brought forward against certain investment income | ICTA1988/S393(8) | Same type of investment income included in the residual business |
| Unused non-trading loan relationship and derivative contract deficits | CTA2009/S457 (financial instruments) | Non-trading profits included in the residual business (even if deficit relates to financing costs etc of qualifying property business carried on pre-entry) |
| CVS loss relief | ICTA1988/S573 | Investment companies only |
| Excess management expenses | CTA2009/S1223 | Profits of the residual business (even if excess related to managing subsidiaries that operated qualifying property business pre-entry) |
| CAs for management of business | Investment companies only | |
| Unused non-trading losses on intangible fixed assets | FA2002/Sch29/Para35(3). | Future profits of the residual business |
| Non-trade CAs | Future profits of the residual business | |
| Excess charges paid | ICTA1988/S338(4) | No carry forward (relief restricted to payments made in the accounting period) |
See](https://www.gov.uk/hmrc-internal-manuals/investment-funds/ifm23100) and [The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See for descriptions of terms used below.
Table 3: other expenses, losses etc
| ##### Description | ##### Type of loss etc | ##### Can be used against |
|---|---|---|
| Losses brought forward against certain investment income | ICTA1988/S393(8) | Same type of investment income included in the residual business |
| Unused non-trading loan relationship and derivative contract deficits | CTA2009/S457 (financial instruments) | Non-trading profits included in the residual business (even if deficit relates to financing costs etc of qualifying property business carried on pre-entry) |
| CVS loss relief | ICTA1988/S573 | Investment companies only |
| Excess management expenses | CTA2009/S1223 | Profits of the residual business (even if excess related to managing subsidiaries that operated qualifying property business pre-entry) |
| CAs for management of business | Investment companies only | |
| Unused non-trading losses on intangible fixed assets | FA2002/Sch29/Para35(3). | Future profits of the residual business |
| Non-trade CAs | Future profits of the residual business | |
| Excess charges paid | ICTA1988/S338(4) | No carry forward (relief restricted to payments made in the accounting period) |
See [The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See The table below sets out the position for utilising expenses, deficits etc arising in accounting periods up to the date the REIT rules first apply and which have not been offset against other profits of pre-entry accounting periods, either in the same company or surrendered as group relief. See for descriptions of terms used below.
Table 3: other expenses, losses etc
| ##### Description | ##### Type of loss etc | ##### Can be used against |
|---|---|---|
| Losses brought forward against certain investment income | ICTA1988/S393(8) | Same type of investment income included in the residual business |
| Unused non-trading loan relationship and derivative contract deficits | CTA2009/S457 (financial instruments) | Non-trading profits included in the residual business (even if deficit relates to financing costs etc of qualifying property business carried on pre-entry) |
| CVS loss relief | ICTA1988/S573 | Investment companies only |
| Excess management expenses | CTA2009/S1223 | Profits of the residual business (even if excess related to managing subsidiaries that operated qualifying property business pre-entry) |
| CAs for management of business | Investment companies only | |
| Unused non-trading losses on intangible fixed assets | FA2002/Sch29/Para35(3). | Future profits of the residual business |
| Non-trade CAs | Future profits of the residual business | |
| Excess charges paid | ICTA1988/S338(4) | No carry forward (relief restricted to payments made in the accounting period) |
See](https://www.gov.uk/hmrc-internal-manuals/investment-funds/ifm23100) and](https://www.gov.uk/hmrc-internal-manuals/investment-funds/ifm23105) for Tables 1 and 2: capital and trading losses etc.