Corporation Tax Act 2010 section 188FD

Other definitions

Section 188FD provides a glossary of key terms used throughout Part 5A of the Act, which deals with group relief for carried-forward losses.

• A "company" means any body corporate, and "profits" means income and chargeable gains unless the context requires otherwise
• The "surrendering company", "surrenderable amounts", and "surrender period" are all terms relating to the company giving up its carried-forward losses for use by another group member
• The "claimant company" and "claim period" relate to the company receiving the group relief, while the "specified loss-making period" identifies the accounting period in which the losses being surrendered originally arose
• References to a "trade" throughout Part 5A include an office, and "carrying on a trade" includes holding an office