Section 269CJ | Re-allocation of carried-forward loss allowance ^F1

(1)This section applies where—^F1

(a)a building society is a member of a group,^F1

(b)the building society has given HMRC a statement of allocation in accordance with section 269CI,^F1

(c)the building society, or any other member of the group that is a banking company, (the “designating company”) would, if it had an amount (or an additional amount) of carried-forward loss allowance, be able to designate an amount of losses under section 269CH equal to that amount, and^F1

(d)that amount is greater than the amount of carried-forward loss allowance which the building society could allocate under section 269CI.^F1

(2)In this section the “available carried-forward loss allowance” means the total of any amounts of carried-forward loss allowance which any member of the group, other than the designating company, has (see section 269CH(5)).^F1

(3)The building society may—^F1

(a)allocate some or all of the available carried-forward loss allowance to the designating company, and^F1

(b)provide that, to the extent that any of the amount allocated to the designating company under this subsection is an amount of carried-forward loss allowance which, immediately before the allocation, was an amount allocated to another company, that amount is no longer allocated to that other company.^F1

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

(a)the amount of the available carried-forward loss allowance immediately before the allocation,^F1

(b)the companies which had an amount of carried-forward loss allowance immediately before the allocation, and the amount of carried-forward loss allowance which each of those companies had at that time, and^F1

(c)the companies which have an amount of carried-forward loss allowance immediately after the allocation (“the relevant companies”), and the amount of carried-forward loss allowance which each of those companies has.^F1

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

(a)the first day after the allocation on which 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 any of the relevant companies is amended so as to include such a designation.^F1

This is subject to subsection (6).

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

(7)An allocation made under subsection (3) is not effective unless the requirements of this section have been complied with.^F1

(8)Except as provided for by this section, a revised statement of allocation that has been given to HMRC under this section may not be amended or withdrawn.^F1