SCHEDULES

SCHEDULE 12 Banks etc. in compulsory liquidation

Relief from tax

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.

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.

F23

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