Corporation Tax Act 2009 section 463A

Introduction to Chapter

Section 463A introduces the rules for dealing with non-trading loan relationship deficits that arise in accounting periods beginning on or after 1 April 2017, where the company is not a charity.

• The chapter applies where a company has a non-trading deficit from its loan relationships for an accounting period beginning on or after 1 April 2017, provided the company is not a charity at the end of that period.
• The deficit may be set off against the company's profits of the same accounting period or carried back to earlier periods, subject to specific claim procedures and time limits.
• Any part of the deficit that is neither set off against profits nor surrendered as group relief may be carried forward to later accounting periods.
• The chapter defines "the deficit" and "the deficit period" as the specific non-trading loan relationship deficit and the accounting period in which it arises, and these terms are used consistently throughout the remaining provisions.