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“relevant trading loss” has the same meaning as it has in section 396A;

(2) Where, for a specified accounting period, a company has an estimated non-relevant trading loss or an estimated relevant trading loss, as the case may be, the company may, subject to this section, make a claim (referred to in this section as an ‘interim claim’) for such relief as would be available to the company in respect of the preceding accounting period under section 396(2), 396A(3) or 396B, as the case may be, in respect of 50 per cent of the estimated non-relevant trading loss or 50 per cent of the estimated relevant trading loss, as the case may be, and an interim claim made under this subsection shall be treated—

(a) as if it were a claim under section 396(2), 396A(3) or 396B, as the case may be, and

and sections 396, 396A and 396B shall apply to an interim claim with any other necessary modifications to give effect to this subsection.

(ii) not later than the specified return date for the accounting period in which the estimated non-relevant trading loss or the estimated relevant trading loss, as the case may be, is incurred, make such amendment to the amount of relief claimed by the company as is necessary to ensure that the amount of the claim does not exceed the amount of the non-relevant trading loss or the relevant trading loss, as the case may be, incurred by the company in the specified accounting period which is, under section 396, 396A or 396B, as the case may be, available in respect of the preceding accounting period.

(b) The requirement in paragraph (a)(ii) to make an amendment shall apply notwithstanding section 396(9), 396A(5) or 396B(6), as the case may be, but shall not prevent a company from making a notice of amendment under section 959V.

(a) any claim in respect of the chargeable period under section 308(4), 396(2), 396A(3) or 399(2) shall be so restricted that the amount by which the company’s profits of that or any other chargeable period are to be reduced by virtue of the claim shall be 50 per cent of the amount it would have been if this section had not been enacted,

of the company for the accounting period as reduced by any amount set off against that income under section 396A.

(1) Where in any accounting period Subject to section 396C, where in any accounting period a company carrying on a trade incurs a loss in the trade, the company may make a claim requiring that the loss be set off for the purposes of corporation tax against any trading income from the trade in succeeding accounting periods, and (so long as the company continues to carry on the trade) its trading income from the trade in any succeeding accounting period shall then be treated as reduced by the amount of the loss, or by so much of that amount as cannot, on that claim or on a claim (if made) under subsection (2) or section 455(3) subsection (2) or section 396A(3), 396B(2) or 455(3) subsection (2), section 396A(3) or 396B(2), be relieved against income or profits of an earlier accounting period.

“relevant trading loss” has the same meaning as in section 396Abut does not include any amount which is the relevant amount of the loss for the purposes of section 403(4).

(2) Where in any accounting period a company carrying on a trade incurs a relevant trading loss and the amount of the loss exceeds an amount equal to the aggregate of the amounts which could, if a timely claim for such set off had been made by the company, have been set off in respect of that loss for the purposes of corporation tax against income of the company of that accounting period and any preceding accounting period in accordance with section 396A(3), then the company may claim relief under this section in respect of the excess.

“relevant trading loss” has the same meaning as it has in section 396A;

(2) Where, for a specified accounting period, a company has an estimated non-relevant trading loss or an estimated relevant trading loss, as the case may be, the company may, subject to this section, make a claim (referred to in this section as an ‘interim claim’) for such relief as would be available to the company in respect of the preceding accounting period under section 396(2), 396A(3) or 396B, as the case may be, in respect of 50 per cent of the estimated non-relevant trading loss or 50 per cent of the estimated relevant trading loss, as the case may be, and an interim claim made under this subsection shall be treated—

(a) as if it were a claim under section 396(2), 396A(3) or 396B, as the case may be, and

and sections 396, 396A and 396B shall apply to an interim claim with any other necessary modifications to give effect to this subsection.

(ii) not later than the specified return date for the accounting period in which the estimated non-relevant trading loss or the estimated relevant trading loss, as the case may be, is incurred, make such amendment to the amount of relief claimed by the company as is necessary to ensure that the amount of the claim does not exceed the amount of the non-relevant trading loss or the relevant trading loss, as the case may be, incurred by the company in the specified accounting period which is, under section 396, 396A or 396B, as the case may be, available in respect of the preceding accounting period.

(b) The requirement in paragraph (a)(ii) to make an amendment shall apply notwithstanding section 396(9), 396A(5) or 396B(6), as the case may be, but shall not prevent a company from making a notice of amendment under section 959V.

(3) (a) Subject to paragraph (b), for the purposes of sections 396 and 397 sections 396, 396A and 397, the amount (which may be nil) of any set-off due to a company against income or profits of an accounting period in respect of a loss from a trade incurred by the company in an accounting period shall—

(i) section 396A(3), except to the extent that the amount can be used to reduce the income of the leasing business of the company,

(c) details of any claims of relevant losses made for set off in the period to which the return relates, under section 396(1), 396A or 396B, as the case may be, insofar as those losses pertain to relevant leasing losses;

of the claimant company for its corresponding accounting period as reduced by any amounts allowed as deductions against that income under section 243A or set off against that income under section 396A.

“relevant trading loss” has the same meaning as in section 396Abut does not include any amount which is the relevant amount of the loss for the purposes of section 403(4).

(a) the income of the company in accordance with section 243A or section 396A,

(11) The Tax Acts shall apply to a loss referred to in subsection (2) as they would apply if sections 396A and 420A had not been enacted.

(5) The Tax Acts shall apply to a loss referred to in subsection (4) as they would apply if sections 396A and 420A had not been enacted.

of the claimant company for its corresponding accounting period as reduced by any amounts allowed as deductions against that income under section 243A or set off against that income under section 396A.

(b) relief under section 396(2), 396A(3) or 397(1) in respect of a loss incurred in the carrying on of a trade consisting of relevant activities in an accounting period that commences on or after 1 January 2024 or, where subsection (5)(b) applies, in a new accounting period that commences on 1 January 2024,

(ii) a relevant trading loss under section 396A, and

(3) The amount of any expenditure to be treated under subsection (2) as incurred at the time that a trade or profession has been set up and commenced shall not be so treated for the purposes of section 381, 396(2) or 420 396(2), 396A, 396B, 420, 420A or 420B.

(b) any relief for losses or excesses, as the case may be, carried back from a subsequent accounting period under section 396(2), 396A(3), 396B(3), 397(1) or 399(2), or