Where an amount of government investment in a company1 ('the written-off amount') is written off2, the written off amount is set off3 against the company's carry-forward losses as at the end of the accounting period4 ending last before the day of the write-off, and, to the extent to which that written-off amount exceeds those losses, the excess is set off against the company's carry-forward losses at the end of the next accounting period, and so on until the whole of the written-off amount has been set off
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