Section 463B | 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 so much of the deficit as is surrendered as group relief under Part 5 of CTA 2010.

(3)For time limits and other provisions applicable to claims under subsection (1), see section 463C.

(4)For what happens when a claim is made under subsection (1)(a), see section 463D.

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