Section 269ZJ | Exclusion of shock losses from restrictions F1
From legislation.gov.uk
(1)If a shock loss is—F1
(a)carried forward to an accounting period of an insurance company (see section 269ZP(2)), andF1
(b)deducted under section 45B (post-1 April 2017 trade losses carried forward against trade profits),F1
the deduction is to be treated as not falling within section 269ZB(3).
(2)If a shock loss is—F1
(a)carried forward to an accounting period of an insurance company, andF1
(b)deducted under section 463H of CTA 2009 (carry forward of unrelieved non-trading deficit from loan relationships against non-trading profits),F1
the company is to be treated for the purposes of sections 269ZC and 269ZD(2)(b)(ii) as not having made that deduction.
(3)If an insurance company makes a deduction of (or in respect of) a shock loss, that deduction is not a “relevant deduction” for the purposes of section 269ZD (restriction on deductions from total profits).F1