Corporation Tax Act 2010 section 269CN

Other definitions

Section 269CN provides a glossary of key terms used throughout the chapter on restrictions on banking companies' use of carried-forward losses.

• Defines what counts as a "banking company", "building society", "group" and "partnership" for the purposes of this chapter, with partnership broadly drawn to include LLPs and equivalent overseas entities.
• Establishes three categories of pre-1 April 2015 carried-forward losses — trading losses, non-trading loan relationship deficits and management expenses — and groups them together as "relevant carried-forward losses".
• Provides cross-references for profit-related terms — "relevant profits", "relevant trading profits" and "total relevant non-trading profits" — which are central to calculating the restriction on loss relief.
• Includes definitions of "start-up period", "relevant regulated activity", "company tax return" and "HMRC" to support the operation of other provisions in the chapter.