Section 1056 | Amount of trading loss which is “unrelieved”

(1)This section applies for the purposes of section 1055.

(2)The amount of a trading loss that is “unrelieved” is the amount of the loss reduced by—

(a)any relief that was or could have been obtained by the company making a claim under section 37(3)(a) of CTA 2010 to deduct the loss from total profits of the same accounting period,

(b)any other relief obtained by the company in respect of the loss, including relief under section 37(3)(b) or 42 of CTA 2010 (losses deducted from profits of an earlier accounting period), and

(c)any loss surrendered under Part 5 or Part 5A of CTA 2010 (surrender of relief to group or consortium members).

(3)No account is to be taken for this purpose of any losses—

(a)brought forward from an earlier accounting period under section 45, 45A or 45B of CTA 2010, or

(b)carried back from a later accounting period under section 37(3)(b) or 42 of that Act.