Section 269ZJ | Exclusion of shock losses from restrictions

(1)If a shock loss is—

(a)carried forward to an accounting period of an insurance company (see section 269ZP(2)), and

(b)deducted under section 45B (post-1 April 2017 trade losses carried forward against trade profits),

the deduction is to be treated as not falling within section 269ZB(3).

(2)If a shock loss is—

(a)carried forward to an accounting period of an insurance company, and

(b)deducted under section 463H of CTA 2009 (carry forward of unrelieved non-trading deficit from loan relationships against non-trading profits),

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).

(4)Repealed