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^F1

(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.^F2

(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.