Commentary

D1.625 Intangible credits—reversal of previous accounting loss

Corporate tax
Corporate tax | Commentary

D1.625 Intangible credits—reversal of previous accounting loss

Corporate tax | Commentary

D1.625 Intangible credits—reversal of previous accounting loss

Where in a period of account a gain is recognised in determining a company's profit or loss for an accounting period, reversing (in whole or in part) a loss in an earlier accounting period for which a debit was brought into account for tax purposes, a corresponding taxable credit is be brought into account for tax purposes1. This does not apply to a gain on revaluation2, which is taxed as described in D1.622).

Where the whole of the earlier loss was not allowed in full as a debit, the amount of the credit to

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