Corporation Tax Act 2009 section 463B

Claim to set off deficit against profits of deficit period or earlier periods

Section 463B allows a company to claim relief for all or part of a non-trading loan relationship deficit by setting it against profits of the current period or carrying it back to earlier periods.

• A company may set off the whole or part of its non-trading loan relationship deficit against any profits of the same accounting period, or carry it back against profits of earlier accounting periods
• The claim can cover profits of any description, not just loan relationship profits
• Any part of the deficit that has been surrendered as group relief cannot also be the subject of a claim under this section
• Separate provisions govern the time limits for making claims, the mechanics of current-period set-off, and the rules for carry-back including which profits are available for relief