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Amendment of section 420B (group relief: relief for certain losses on a value basis) of Principal Act.
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38.—(1) Section 420B of the Principal Act is amended, in subsection (1), by substituting the following for the definition of “relevant corporation tax”:
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“‘relevant corporation tax’, in relation to an accounting period of a company, means the corporation tax which would be chargeable on the company for the accounting period apart from—
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(a) this section and sections 239, 241, 440 and 441, and
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(b) where the company carries on a life business (within the meaning of section 706 of the Principal Act), any corporation tax which would be attributable to policyholders' profits;”.
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(2) This section shall apply as respects any claim for relief made on or after 4 February 2004.
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