SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Income Tax (Trading and Other Income) Act 2005 (c. 5)
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In section 849 (calculation of firm's profits or losses) after subsection (3) insert—
4
In calculating under subsection (2) or (3) the profits of a trade for any period of account no account is taken of any losses for another period of account.