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Legislation
Corporation Tax Act 2009

Chapter 16 Non-trading deficits: pre-1 April 2017 deficits and charities

  • Section 456 Introduction to Chapter
  • Section 457 Basic rule for deficits: carry forward to accounting periods after deficit period
  • Section 458 Claim to carry forward deficit to later accounting periods
  • Section 459 Claim to set off deficit against profits of deficit period or earlier periods
  • Section 460 Time limits and procedure for claims under section 459(1)
  • Section 461 Claim to set off deficit against other profits for the deficit period
  • Section 462 Claim to carry back deficit to earlier accounting periods
  • Section 463 Profits available for relief under section 462
  1. Chapter 16 · Non-trading deficits: pre-1 April 2017 deficits and charities
  2. Claim to carry back deficit to earlier accounting periods

Section 462 | Claim to carry back deficit to earlier accounting periods

From legislation.gov.uk

(1)This section applies if a claim is made under 459(1)(b) for the whole or part of the deficit to be carried back to be set off against profits for accounting periods before the deficit period.

(2)The claim has effect only if it relates to an amount equal to the lesser of—

(a)so much of the deficit as is not an amount in relation to which a claim is made under section 459(1)(a), and

(b)the total amount of the profits available for relief under this section.

(3)Section 463 explains which profits are so available.

(4)The amount to which the claim relates is set off against those profits by treating them as reduced accordingly.

(5)If those profits are profits for more than one accounting period, the relief is applied by setting off the amount to which the claim relates against profits for a later period before setting off any remainder of that amount against profits for an earlier period.

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