Section 45E | Re-application of section 45B if loss remains after previous application

(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 45B(2),

(b)any of that amount is not used under section 45B(4) to reduce profits of the trade for the later period, and

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

(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 was not used as mentioned in subsection (1)(b), and

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