(1) A claim for group relief shall specify the following—
(a) the name of the claimant company;
(b) a schedule of any available trading losses claimed by the claimant company;
(c) the name of the surrendering company;
(d) a schedule of any available trading losses relinquished by the surrendering company; and
(e) the amount claimed in respect of the surrendering company.
(2) A claim for group relief—
(a) shall not be allowed unless the profits of the claimant company are first applied against any previous years' assessed losses of that company;
(b) shall not exceed ½ of the assessable income of the claimant company and where the trading loss exceeds ½ of the assessable income or where there is no such income of such year of income, the excess or the amount of the trading loss, as the case may be, shall be carried forward and deducted in like manner in ascertaining the assessable income of the next following 5 years of income or until the trading loss has been fully allowed, whichever is the earlier;
(c) shall require the consent of the surrendering company which shall be submitted to the Comptroller in the form prescribed by the Comptroller;
(d) must be made within 2 years of the date of the end of the surrendering company's income year to which the claim relates; and
(e) shall only be allowed by the Comptroller after all taxes due and payable under any other Act under the administration or management of the Inland Revenue Department, have been satisfied by both the claimant company and the surrendering company.
(3) Group relief claim shall apply only in the case of a company that is part of a group restructuring or reorganization approved by the Comptroller.
(4) Subject to this section, the assessed losses carried forward by the companies taking part in the group restructuring or reorganization shall be available for utilization for purposes of a claim for group relief except that the assessed losses carried forward shall expire in accordance with the provisions of section 41(3).
(Inserted by Act 15 of 2003)