1223Carrying forward expenses of management and other amountsU.K.
(1)This section applies if, in an accounting period of a company with investment business, any amount falling within subsection (2) cannot be deducted in full because the profits from which the amount is deductible are insufficient.
(2)The amounts are—
(a)expenses of management deductible under section 1219,
(b)charges on income paid in the accounting period, so far as they are paid for the purposes of the company's investment business, and
(c)amounts brought forward to the period under this section.
(3)The excess is treated for the purposes of section 1219 as expenses of management deductible for the next accounting period.
(4)For the purposes of this section a charge on income which arises from a disposal such as is mentioned in section 587B(1) of ICTA (gifts of shares, securities and real property to charities etc) is taken to be paid when the disposal is made.
(5)See also section 392A(3) of ICTA (which is about unused Schedule A losses).