391Carry forward of surplus deficit to next accounting periodU.K.
This section has no associated Explanatory Notes
(1)This rule applies if any of the deficit is not—
(a)set off against the income and gains referred to in section 388(1), or
(b)set off against the profits referred to in section 389(1) as the result of a claim under that section.
(2)That deficit must be carried forward to the accounting period immediately after the deficit period (“the next period”).
(3)Any deficit so carried forward is treated for the purposes of the Corporation Tax Acts (including sections 388 to 390) as expenses payable which—
(a)are referable to the next period, and
(b)are to be brought into account at Step 3 in section 76(7) of ICTA (expenses of insurance companies).