Section 45D | Application of section 45B if loss remains after application of section 45A ^F1

(1)This section applies if—

(a)an amount of a loss made in a trade is carried forward to an accounting period (“the later period”) of a company under section 45A(4),

(b)any of that amount is not deducted from the company's total profits of the later period on a claim under section 45A(5) or surrendered by way of group relief for carried forward-losses under Part 5A,

(c)the company continues to carry on the trade in the accounting period (“the further period”) after the later period, and

(d)any of the conditions in section 45C(2) is not met.

(2)Subsections (2) to (8) of section 45B apply as if—

(a)references to the unrelieved amount were to so much of the amount carried forward to the later period as is not deducted or surrendered as mentioned in subsection (1)(b), and

(b)references to the later period were to the further period.