Corporation Tax Act 2010 section 269ZZ

Company tax return to specify amount of deductions allowance

Section 269ZZ requires a company to specify the amount of its deductions allowance in its corporation tax return for each accounting period where relevant deductions are claimed.

• A company must state the amount of its deductions allowance for the accounting period in its tax return.
• If an increased allowance applies because the company is insolvent, the return must also show what the allowance would have been without that increase.
• If an increased allowance applies in connection with onerous or impaired leases, the return must also show what the allowance would have been without that increase.
• These disclosure requirements only apply where the company actually claims a deduction subject to the carried-forward loss restriction rules for that period.