IA 6 Restrictions on companies grouping tax losses
Groups of companies

(1)

A company that is part of a group of companies may use under section IA 3(2) a tax loss under subpart IC (Grouping tax losses) only if it meets the requirements of section IC 5 (Company B using company A’s tax loss).

Consolidated groups

(2)

Subpart ID (Use of tax losses by consolidated groups) applies to the grouping of tax losses by a consolidated group of companies.

Avoidance arrangements

(3)

Section GB 4 (Arrangements for grouping tax losses: companies) may apply to treat a company as not meeting the requirements referred to in subsection (1).

Defined in this Act: company, consolidated group, group of companies, tax loss

Compare: 2004 No 35 ss IG 1(1), GC 4

Section IA 6(1): amended (with effect on 1 April 2008), on 7 December 2009, by section 58(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).