20.3 Loss reliefWhere a company incurs a trading loss in any accounting period, it has very similar options as a sole trader or partner1 as to how to set off that loss. In other words, it may carry the loss across and set it off against profits of whatever description in the accounting period of the loss2. Alternatively, or in addition, if some of the loss remains unrelieved, the loss may be carried back and set off against profits of whatever description of the preceding accounting periods falling wholly or partly within the period of 12 months immediately preceding
Where a company incurs a trading loss in any accounting period, it has very similar options as a sole trader or partner1 as to how to set off that loss. In other words, it may carry the loss across and set it off against profits of whatever description in the accounting period of the loss2. Alternatively, or in addition, if some of the loss remains unrelieved, the loss may be carried back and set off against profits of whatever description of the preceding accounting periods falling wholly or partly within the period of 12 months immediately preceding
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