The text defines 'available losses' as carried-forward losses for which relief under section 396(1) is available. 'Group company' means a participating institution whose accounting period coincides with the first-mentioned institution and which is a parent, subsidiary or sister company within the same group. 'Participating institution' and 'subsidiary' adopt the meanings in section 4 of the National Asset Management Agency Act 2009. 'Relevant amount' equals 50% of the excess of aggregate trading income of the institution and its group companies over their trading losses; the 'relevant limit' is determined by a formula using A (relevant amount), B (institution trading income before loss relief) and C (group trading income before loss relief). It also clarifies coincidence of accounting periods and that trading income/losses include amounts arising to resident companies or through branches or agencies in the State.

Set-off of available losses against trading income in an accounting period is limited to the relevant limit. Where a participating institution has excess available losses it may surrender amounts to group companies that could obtain further section 396(1) relief; surrender requires a claim in the claimant’s return, the participating institution’s consent notified to the inspector in the required form, and must be made within two years of the period end. Multiple group companies may claim but relief cannot be given more than once. The inspector may assess excessive relief and make adjustments, and the section applies to accounting periods commencing on or after the passing of the National Asset Management Agency Act 2009 and before 1 January 2014.