4(1)In computing the tax that is chargeable by virtue of paragraph 3 above for any chargeable period, there shall be deducted from the amount that would otherwise be chargeable to tax the aggregate amount of all losses, expenses and debits within sub-paragraph (2) below incurred in that chargeable period or before it, in so far as relief (whether under this sub-paragraph, sub-paragraph (3) below or any other provision of the Tax Acts) has not been given in respect of them already.U.K.
(2)Any loss, expense or debit (other than a loss, expense or debit arising directly or indirectly from the discontinuance itself) incurred—
(a)after the later of the two events mentioned in paragraph 3(1) above, or
(b)in the case of a loss, at or before the discontinuance of the relevant trade,
is within this sub-paragraph if it would have been deducted in computing for tax purposes the [F1profits] of the trade for any period, or deducted from or set off against those [F1profits] as so computed, had the trade continued.
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Word in Sch. 12 para. 4(2) substituted (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 8
F2Sch. 12 para. 4(3) repealed (24.7.2002 with effect as mentioned in s. 107(5) of the amending Act) by 2002 c. 23, ss. 107(4), 141, Sch. 40 Pt. 3(18)