388Basic rule: deficit set off against income and gains of deficit periodU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)The basic rule is that the deficit must be set off against any income and gains of the deficit period which are referable to BLAGAB.
(2)The income and gains are reduced accordingly.
(3)Any such reduction is made [F1in accordance with step 4 in section 73 of FA 2012 (that is to say, before any deduction for the adjusted BLAGAB management expenses of the company for the deficit period)].
Textual Amendments
F1Words in s. 388(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 152
Modifications etc. (not altering text)