Part 2Trading income
C1Chapter 15Basis periods
Annotations:
Modifications etc. (not altering text)
Overlap profits and losses
206Restriction on bringing losses into account twice
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.
Pt. 2 Ch. 15 excluded (14.2.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 1997/2681 reg. 6(1)(a) as amended by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 (S.I. 2006/111), reg. 8