Article 98 - Restriction on Carry Forward of Tax Losses and Group Relief where a Tax
(1) This Article applies if a QFC Entity claims a tax credit under this Part.
(2) For the purposes of Article 32, a QFC Entity's tax loss for an Accounting Period , which may be set off against any Chargeable Profits of a second QFC Entity by way of Group Relief , is to be treated as reduced by the amount of the Reimbursable Tax Loss for that Accounting Period in respect of which the QFC Entity has received payment of a tax credit under this Part.
(3) For the purposes of Article 28, a QFC Entity's tax loss for an Accounting Period , which shall be set off against any Chargeable Profits generated by that QFC Entity in succeeding Accounting Periods , is to be treated as reduced by the amount of the Reimbursable Tax Loss for that Accounting Period in respect of which the QFC Entity has received payment of a tax credit under this Part.
Inserted (as from 18th June 2014) |