Section 1217RH | Amount of surrenderable loss ^F1

(1)The company's surrenderable loss in the accounting period is—^F1

(a)the company's available loss for the period in the separate orchestral trade (see subsections (2) and (3)), or^F1

(b)if less, the available qualifying expenditure for the period (see subsections (4) and (5)).^F1

(2)The company's available loss for an accounting period is—^F1

(3)The “relevant unused loss” of a company is so much of any available loss of the company for the previous accounting period as has not been—^F1

(a)surrendered under section 1217RG, or^F1

(b)carried forward under section 45 or 45B of CTA 2010 and set against profits of the separate orchestral trade.^F1F2

(4)For the first period of account during which the separate orchestral trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1217RE(2).^F1

(5)For any period of account after the first, the available qualifying expenditure is—^F1

(6)If a period of account of the separate orchestral trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.^F1