Part 1 Allocation of Deductions Allowance of Former Groups
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 8 Relief from Corporation Tax for Losses and other Amounts

Section 37

Part 1 Allocation of Deductions Allowance of Former Groups

1

Part 7ZA of CTA 2010 (restrictions on deductions for carried-forward losses and other amounts) is amended as follows.

2

After section 269ZS (group deductions allowance and the nominated company) insert—

“269ZSA Group allowance nomination: former groups

(1)     This section applies where—

(a)     a group ceases to be a group for the purposes of this Part (because the companies that were members of the group no longer together meet the condition in section 269ZZB(2)), and

(b)     immediately before the group ceased to be a group for the purposes of this Part—

(i)     two or more members of the group were companies within the charge to corporation tax, and

(ii)     no group allowance nomination under section 269ZS had effect in relation to the group.

(2)     All the companies that were, immediately

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