The 'relevant accounting period' for a company that is a member
of a group is the first accounting period of the company after
which no amount of unrelieved surplus ACT belonging to it or any
other company that is a member at any time in that accounting
period is available for set off. For this purpose, any amount that
is set against another company's liability is regarded as available
to the end of its accounting period. For example, a company makes
up its accounts for the year to 31 December. The final amount of
unrelieved surplus ACT is set against the liability of another
group member for its accounting period ending on 31 March 2002. The
company's relevant accounting period will be that for the year
ended 31 December 2002.
The 'final accounting period' for the group is the accounting
period beginning in the period of twelve months immediately
following the end of the relevant accounting period or, if there is
more than one, the latest accounting period beginning in that
period.
Where surplus shadow ACT is carried back and displaces
unrelieved surplus ACT revealing that period as not being the
'relevant accounting period', the later accounting period is not
the 'final accounting period' and the Regulations continue to
apply.
