C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

C2Chapter 15Post-cessation receipts

Annotations:
Modifications etc. (not altering text)
C2

Pt. 3 Ch. 15 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(3)(b)

Deductions

197Further rules about allowable deductions

1

An amount may not be deducted more than once under section 196.

2

A deduction under that section of a loss must be made from post-cessation receipts charged for an earlier accounting period in preference to those charged for a later accounting period.

3

But this does not authorise the deduction of a loss from post-cessation receipts charged for an accounting period before the accounting period in which the loss is made.