Income Tax (Trading and Other Income) Act 2005

206Restriction on bringing losses into account twiceU.K.
This section has no associated Explanatory Notes

If a loss arises in, or is apportioned under section 203 to, two overlapping basis periods, the amount of the loss—

(a)is brought into account in calculating the profits of the first basis period, and

(b)is not brought into account in calculating the profits of the second basis period.