Corporation Tax Act 2009 (c. 4)

Part 3 U.K. Trading income

Modifications etc. (not altering text)

C1 Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)

Chapter 3 U.K. Trade profits: basic rules

47 Losses calculated on same basis as profits U.K.

(1) The same rules apply for corporation tax purposes in calculating losses of a trade as apply in calculating profits.

(2) This is subject to any express provision to the contrary.