Section 92 | Loss relief to be reduced if government investment is written off

(1)This section applies if an amount of government investment in a company (“the written-off amount”) is written off.

(2)The written-off amount is set off against the company's carry-forward losses as at the end of the accounting period ending last before the day of the write-off.

(3)If the written-off amount exceeds those losses, the excess is set off against the company's carry-forward losses as at the end of the next accounting period and so on until the whole of the written-off amount has been set off.

(4)In this Chapter “company” has the meaning given by section 1121 but does not include an unincorporated association.

(5)This section needs to be read with—

section 93 (which applies if the company is in a group of companies),

section 94 (which explains what is meant by government investment being written off and how the written-off amount is calculated), and

section 95 (which explains what is meant by carry-forward losses).