As for unincorporated businesses, the profits of a trade1 must be calculated in accordance with generally accepted accounting practice2, subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes3. The Corporation Tax Act 2009 makes the following provisions, in addition to providing a series of rules to deal with specified circumstances, with regard to the computation of profits for corporation tax purpose, namely:
(1) subject to any express provision to the contrary, the same rules apply for corporation tax purposes in calculating losses of a trade as apply in the calculating profits4;
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