Commentary

D1.890 Special regime for relieving allowable losses

Corporate tax
Corporate tax | Commentary

D1.890 Special regime for relieving allowable losses

Corporate tax | Commentary

D1.890 Special regime for relieving allowable losses

Where a net allowable loss arises in an accounting period on contracts which fall within D1.884–D1.888, a company may elect within two years of the end of that accounting period to carry the loss back for relief against net chargeable gains arising on such derivative contracts in the preceding 24 months on a later period first basis. When a company elects to carry back a net loss, the net chargeable gains against which the carried back loss may be relieved have first to be reduced by other allowable losses available to the company

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