Where in any accounting period1 a company carrying on a trade2 makes a loss in the trade3:
(1) the company may make a claim for the loss to be deducted from the company's total profits4 of:
(a) the accounting period in which the loss is made ('the loss-making period')5;
(b) if the claim so requires, previous accounting periods so far as they fall (wholly or partly) within the period of 12 months ending immediately before the loss-making period begins6; and
(2) to the extent no relief is given under these provisions7 the unrelieved loss is carried forward to subsequent
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234