Corporation Tax Act 2009 section 459

Claim to set off deficit against profits of deficit period or earlier periods

Section 459 allows a company to claim relief for a non-trading loan relationship deficit by setting it against profits of the current period or carrying it back to earlier periods.

• A company may set off all or part of a non-trading loan relationship deficit against any profits (of whatever description) for the same accounting period, or carry it back against profits of earlier accounting periods
• Deficits that have already been surrendered as group relief cannot be used for a claim under this section
• Charities are excluded entirely from making claims under this section, which also prevents their deficits from being surrendered as group relief
• Detailed rules on time limits, the mechanics of set-off against current period profits, the carry-back procedure, and the profits available for carry-back relief are set out in sections 460 to 463