Corporation Tax Act 2010 section 47

Registered societies

Section 47 provides registered societies with a broader basis for calculating trade profits when carrying forward trade losses under sections 45 and 45B.

• This section applies only where the company carrying on the trade is a registered society (formerly known as an industrial and provident society).
• Registered societies may include non-trading profits from loan relationships in their trade profit calculation for loss relief purposes.
• Income from overseas sources, including dividends from non-UK resident companies and income arising from foreign holdings, may also be included in the trade profit calculation.
• The effect is to widen the pool of income against which carried-forward trade losses can be set, giving registered societies greater scope to obtain relief for those losses.