Income Tax Act (Cap. 123), article 17

17. (1) Subject to, and in accord ance with, the provisions of this article and of articles 18 to 22, allowable losses may, in the case set out in sub-article (2) , be surrendered by a company, hereinafter referred to as "the surrendering company", and, on the making of a claim by another com pany, hereinafter referred to a s “the claimant company”, be allowed to the claimant company as a deduction called “group relief”. A claim made by virtue of this sub- article is hereinafter refer red to as a “group claim”. (2) Group relief shall be available where the surrendering company and the claima nt company are both members of the same group throughout the year preceding the year of assessment for which the relief is claimed. (3) For any year of assessment, two or more claimant companies may make group cl aims relating to the same surrendering company. (4) A payment for group relief - (a) shall not be taken into account in computing profits or losses of either company for the purposes of tax imposed by this Act; and (b) shall not, for any of the purposes of this Act, be 106 CAP. 123.] INCOME TAX regarded as a distribution. For the purposes of this sub-article "payment for group relief " means a payment made by the claimant company to the surrendering company in pursuance of an agreement between them in respect of an amount surren dered by way of group relief, bei ng a payment not exceed ing that amount. Losses which may be surrendered by way of group relief. Added by: XVII. 1994.13. Amended by: II. 2007.7; L.N. 409 of 2007; XIII. 2015.50.