Clause 12

by deleting the words “As soon as” in subsection (3A) and substituting the words “Subject to subsection (3AA), as soon as”; and

by inserting, immediately after subsection (3A), the following subsection:“(3AA) Where the company is a transferor company within the meaning of section 37C(19) and where any amount of further deduction allowed under this section, section 14E, 14J or 14L is transferred to a claimant company as part of the loss specified under section 37C(14)(b) —

the sum transferred shall not be credited to the further deduction account to be kept by the transferor company;

for the purposes of this section, section 14E, 14J or 14L, upon the transfer of the sum under paragraph (a), the sum transferred shall be credited to the further deduction account to be kept by the claimant company; and

in relation to the sum transferred under paragraph (a), subsections (3B) to (3E) shall apply to the claimant company.”.