Taxes Consolidation Act 1997 section 157

Set-off of losses, etc against franked investment income

Section 157 formerly allowed a company to treat franked investment income as if it were profits chargeable to corporation tax, so that the income could absorb charges on income, capital allowances and trading losses, with payment of the associated tax credit; it was repealed for accounting periods ending on or after 6 February 2003.

• Repealed by section 41 Finance Act 2003 for accounting periods ending on or after 6 February 2003.
• Permitted franked investment income to be treated as profits chargeable to corporation tax on a company's claim.
• Available reliefs were charges on income, capital allowances against total profits, and trading losses against total profits.
• Entitled the company to payment of the tax credit comprised in the income so treated, subject to a two-year claim window.