16Sections 13(2) and 15(5): profit against which carried-forward amount to be set offU.K.
This section has no associated Explanatory Notes
(1)This section is about the interpretation of the references in sections 13(2) and 15(5) to the profit against which a carried-forward amount is to be set off, in a case where the carried-forward amount—
(a)is one that is treated as arising in an accounting period later than that in which it in fact arises, and
(b)is accordingly deductible in calculating a profit for that later period.
(2)In such a case, the references are to be read as references to the profit in calculating which the amount is deductible, disregarding the deduction.