Corporation Tax Act 2010 section 269CD

Relevant profits

Section 269CD defined "relevant profits" for the purposes of the restriction on banks' use of carried-forward losses, but was removed from the legislation for accounting periods beginning on or after 1 April 2017.

• Section 269CD was originally introduced by Finance Act 2015 as part of the regime restricting banks' ability to offset carried-forward losses against profits.
• The section provided the definition of "relevant profits" used in calculating how much carried-forward loss relief a banking company could claim.
• The section was omitted by Finance (No. 2) Act 2017, which replaced the bank-specific loss restriction rules with a broader regime applying to all companies with large profits.
• The repeal took effect for accounting periods beginning on or after 1 April 2017, meaning the section has no application to any current accounting periods.