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Basics of group relief: Part 1
Key points
- Group relief is a corporation tax relief allowing a company to surrender non-capital tax losses to another company in the same ‘group’.
- Definition of ‘company’ under CTA 2010 s 1121 ‘group’ under CTA 2010 s 151 and s 1154 and the 75% test.
- It is important to know when a group is or is not formed to establish the availability of group relief.
- Where a company is in a capital gains group it can surrender a capital loss against a chargeable gain in the claimant company.
- CTA 2010 Chapter 5A allows a company to surrender brought forward losses in a similar fashion to group relief under Chapter 5.
- A claim for group relief must be made in a return and HMRC takes the view that the surrendering company must submit its tax return prior to the claimant company.
Group relief is a...
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