SCHEDULES

SCHEDULE 1 U.K. Minor and consequential amendments

Part 2 U.K. Other enactments

Income Tax (Trading and Other Income) Act 2005 (c. 5) U.K.

639 U.K. 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.”