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 is the length of the period common to the twoAccounting Periods ;
B is the length of theAccounting Period of the Surrendering Entity ; and
C is the length of the correspondingAccounting Period of the Claimant Entity .
(a) the tax losses of the Surrendering Entity available to surrender to the Claimant Entity shall be reduced by applying the fraction—
and;
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—
where—A |
C |
A is the length of the period common to the two
B is the length of the
C is the length of the corresponding
Amended (as from 18th June 2014) |