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You must check the date from which these rules apply for the tax or duty you are dealing with. See CH81011 for full details.

Company D, E, F and G are a group of companies.

Their returned results are

听	听	听
D profits	110000	Less Group Relief 110,000 (110,000 surrendered by Company F)
E profits	160000	Less Group Relief 160,000 (90,000 surrendered by Company F + 70,000 by Company G)
F loss	-200000	听
G loss	-85000	听
Aggregate loss	( 15,000)	听

Company F鈥檚 return is found to contain a careless inaccuracy of 拢40,000. Its true loss is 拢160,000.

Company F must amend its Group Relief surrenders. It can and does withdraw its Group Relief surrender to Company E and makes a new surrender to Company E of 拢50,000.

Company G can and does withdraw its surrender to Company E and makes a new surrender to Company E of 拢85,000.

The inaccuracy has the effect of creating the aggregate loss recorded for the group and the potential lost revenue (PLR) is calculated using the rules for losses, see CH82341.

The losses rules apply to the amount of Company F鈥檚 overstated loss and the PLR for the inaccuracy is calculated in the context of the aggregate loss position of the group.

Under the normal rules for calculating PLR, all of Company F鈥檚 wrongly recorded loss would be treated as used to reduce Company D鈥檚 tax liability and Company F鈥檚 PLR would be calculated ignoring the additional Group Relief surrendered to Company D by Company F.

Assuming liability at the small companies rate the PLR would be 拢40,000 x 21% = 8,400

Instead the inaccuracy is considered in the context of the aggregate loss for the group.

The whole of the amount has not been used to reduce the amount of tax payable because 拢15,000 of it created an unused aggregate loss for the group.

The normal rule (but including Group Relief) applies to 拢25,000 and the unused loss rule applies to 拢15,000.

The PLR for Company F鈥檚 penalty is

听	听	听
Normal rule	听	听
听	拢	听
Correct amount due or payable by E	160000	听
Less	135,000 Group Relief	听
Tax due	25,000 x 21% =	5250
听	听	听
Returned amount due or payable	160000	听
Less	160,000 Group Relief	听
Tax due	Nil x 21% =	Nil
PLR in respect of E	5,250	听
听	听	听
Unused loss rule	听	听
15,000 x 10%	1,500	听

Total PLR for Company F鈥檚 penalty = 5,250 + 1,500 = 6,750

In this example, at the time that the penalty is to be imposed, G has not made use of the surplus loss of 拢15,000 in a later or earlier period, so the PLR in respect of the 拢15,000 is calculated under the unused loss rule.

If Company G had used the surplus loss to reduce tax liability in another period, the PLR would be the additional tax due and payable when that loss was withdrawn.