Section 459 | Claim to set off deficit against profits of deficit period or earlier periods

(1)The company may make a claim for the whole or part of the deficit—

(a)to be set off against any profits of the company (of whatever description) for the deficit period, or

(b)to be carried back to be set off against profits for earlier accounting periods.

(2)No claim may be made under subsection (1) in respect of a deficit which is surrendered as group relief under Part 5 of CTA 2010.

(3)Subsection (1) does not apply if the company is a charity.

(4)For time limits and other provisions applicable to claims under subsection (1), see section 460.

(5)For what happens when a claim is made under subsection (1)(a), see section 461.

(6)For what happens when a claim is made under subsection (1)(b), and for the profits available for relief where such a claim is made, see sections 462 and 463.