Commentary

D7.5127 Limitations on loss relief

Corporate tax
Corporate tax | Commentary

D7.5127 Limitations on loss relief

Corporate tax | Commentary

D7.5127 Limitations on loss relief

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

In any accounting period in which a life insurance company sustains a trading loss, the amount of that loss has to be reduced by the amounts treated as charges and any non-trading deficits on debtor relationships. For accounting periods beginning before 1 January 2007 the loss also had to be reduced by any losses arising from the company's overseas life assurance business1.

Furthermore whenever a loss computed under life

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