Section 463D | Claim to set off deficit against profits for the deficit period

(1)This section applies if a claim is made under section 463B(1)(a) for the whole or part of the deficit to be set off against profits for the deficit period.

(2)The amount of the deficit to which the claim relates must be set off against the profits of the company for the deficit period which are identified in the claim.

(3)Those profits are reduced accordingly.

(4)Relief under this section must be given before relief is given against profits for the deficit period—

(a)under section 37 or 62(1) to (3) of CTA 2010 (deduction of losses from total profits for the same or earlier accounting periods), or

(b)as a result of a claim under section 463B(1)(b) (carry-back) in respect of a deficit for a later period.

(5)No relief may be given under this section against ring fence profits of the company within the meaning of Part 8 of CTA 2010 (oil activities) or contractor's ring fence profits of the company within the meaning of Part 8ZA of that Act (oil contractors).