C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 3Trade profits: basic rules
47Losses calculated on same basis as profits
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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)