Finance Act, 1992
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Restriction of group relief. |
79.—(1) On a claim for group relief made by a claimant company in relation to a surrendering company, group relief shall not be allowed against any petroleum profits of the claimant company except to the extent that the claim relates to— | |
(a) a loss incurred by the surrendering company in a petroleum or mining trade, or | ||
(b) charges on income paid, other than to a connected person, by the surrendering company which consist of payments made wholly and exclusively for the purposes of such a trade, | ||
and group relief in respect of any such loss incurred by the surrendering company, or in respect of any charge on income paid by the surrendering company which is a payment made wholly and exclusively for the purposes of such a trade, shall not be allowed against any profits of the claimant company other than its petroleum profits. | ||
(2) Section 157 of the Corporation Tax Act, 1976 , shall apply for the purposes of this section, and, in subsection (1), “claimant company” and “surrendering company” have the meanings assigned to them, respectively, by section 107 of that Act. |