388Basic rule: deficit set off against income and gains of deficit periodU.K.
This section has no associated Explanatory Notes
(1)The basic rule is that the deficit must be set off against any income and gains of the deficit period which are referable to BLAGAB.
(2)The income and gains are reduced accordingly.
(3)Any such reduction is made before any expenses deduction under section 76 of ICTA (expenses of insurance companies).