Section 269CI | Allocation of carried-forward loss allowance within a group ^F1

(1)This section applies where a building society—^F1

(a)is a member of a group, and^F1

(b)has an amount of carried-forward loss allowance (see section 269CH(5)).^F1

(2)The building society may allocate some or all of that amount of carried-forward loss allowance to any other member of the group which is a banking company.^F1

(3)Where a building society makes an allocation under subsection (2), it must give HMRC a statement (a “statement of allocation”) which specifies—^F1

(a)the amount of carried-forward loss allowance which the building society had immediately before it made the allocation,^F1

(b)the companies (“the relevant companies”) to which an amount of carried-forward loss allowance has been allocated,^F1

(c)the amount of carried-forward loss allowance allocated to each of the relevant companies, and^F1

(d)the total amount of carried-forward loss allowance allocated by the building society.^F1

(4)The statement of allocation must be given to HMRC on or before—^F1

(a)the first day after the allocation on which the building society, or any of the relevant companies, delivers a company tax return which includes a designation made under section 269CH, or^F1

(b)if earlier, the first day after the allocation on which a company tax return of the building society, or any of the relevant companies, is amended so as to include such a designation.^F1

This is subject to subsection (5).

(5)An officer of Revenue and Customs may provide that the statement of allocation may be given to HMRC on or before a later day specified by the officer.^F1

(6)An allocation made under subsection (2) is not effective unless the requirements of this section have been complied with.^F1

(7)A statement of allocation that has been given to HMRC under this section may not be amended or withdrawn.This is subject to section 269CJ.^F1