Section 70 | Entitlement to claim

(1)This section applies where a company is eligible for share loss relief.

(2)The company may make a claim for the loss to be deducted in calculating for corporation tax purposes the company's income—

(a)for the accounting period in which the loss is incurred, and

(b)if the claim so requires, for previous accounting periods so far as they fall (wholly or partly) within the period of 12 months ending immediately before the beginning of the accounting period in which the loss is incurred.

(3)The company may make a claim under subsection (2)(b) for any accounting period only if the company was an investment company throughout that period.

(4)A claim for share loss relief must be made before the end of the period of two years after the end of the accounting period in which the loss is incurred.