Commentary

D7.442 Definition of BLAGAB chargeable gains

Corporate tax
Corporate tax | Commentary

D7.442 Definition of BLAGAB chargeable gains

Corporate tax | Commentary

BLAGAB chargeable gains

D7.442 Definition of BLAGAB chargeable gains

As for income, the legislation sets out a step by step approach to calculating the amount of BLAGAB chargeable gains for the period.

Step 1 requires that the company calculates the chargeable gains accruing on the disposal of assets that are held for the purposes of its long-term business and which are referable to BLAGAB under the company's commercial allocation methodology (see D7.433).

Step 2 requires the deduction from those gains of any allowable losses as well as any allowable losses incurred in previous accounting periods that have not been deducted from

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