70(1)Where loss relief is claimed by the investing company it must be claimed—U.K.
(a)in priority to any relief claimed by that company under section 573 of the Taxes Act 1988 (relief for loss on disposal of shares in certain trading companies by investment companies), and
(b)before any deduction is made for charges on income or other amounts which can be deducted from or set against or treated as reducing profits of any description.
(2)Where loss relief is obtained for an amount of a loss no deduction shall be made in respect of that amount—
(a)by virtue of section 573(2) of the Taxes Act 1988 (relief for loss on disposal of shares in certain trading companies by investment companies), or
(b)for the purposes of corporation tax on chargeable gains.