Finance Act 2004

Amendment of section 396B (relief for certain trading losses on a value basis) of Principal Act.

37.—(1) Section 396B of the Principal Act is amended, in subsection (1), by substituting the following for the definition of “relevant corporation tax”:

“‘relevant corporation tax’, in relation to an accounting period of a company, means the corporation tax which would be chargeable on the company for the accounting period apart from—

(a) this section and sections 239, 241, 420B, 440 and 441, and

(b) where the company carries on a life business (within the meaning of section 706 of the Principal Act), any corporation tax which would be attributable to policyholders' profits;”.

(2) This section shall apply as respects any claim for relief made on or after 4 February 2004.