Article 33 - Corresponding Accounting Periods

(1) For the purposes of Group Relief any Accounting Period of the Claimant Entity which falls wholly or partly within an Accounting Period of the Surrendering Entity shall correspond to that Accounting Period.
(2) Where an Accounting Period of the Surrendering Entity and a corresponding Accounting Period of the Claimant Entity do not coincide—
(a) the tax losses of the Surrendering Entity available to surrender to the Claimant Entity shall be reduced by applying the fraction—

A
B


and;
(b) the Chargeable Profits of the Claimant Entity, against which the tax losses of the Surrendering Entity are to be set off, shall be reduced by applying the fraction—
A
C
where—

A is the length of the period common to the two Accounting Periods;

B is the length of the Accounting Period of the Surrendering Entity; and

C is the length of the corresponding Accounting Period of the Claimant Entity.
Amended (as from 18th June 2014)