Land Remediation Relief: Tax Credit: Qualifying land remediation loss - unrelieved losses
The unrelieved trading loss, or property business loss, of a company is the amount of the loss for that accounting period reduced by:
- the amount of any claim that could be made, whether or not actually made, to set the loss against other profits of the same accounting period (ICTA88/S392A (1) and ICTA88/S393A (1)(a)), and
- any other relief claimed by the company in respect of the loss for that accounting period, e.g. losses set off against profits of an earlier accounting period (ICTA88/S393A (1)(b)) and losses surrendered to group or consortium members (ICTA88/S403 (1)).
The following losses are ignored in calculating the amount of unrelieved loss:
- trading losses, or property business losses, brought forward from an earlier accounting period (ICTA88/S393 (1)) and ICTA88/S392A (2), or
- any trading losses carried back from a later accounting period, (ICTA88/S393A (1)(b)).