C3Part 4Loss relief
Annotations:
Modifications etc. (not altering text)
Chapter 2Trade losses
F1Relief in loss-making period and carry back relief
Annotations:
Amendments (Textual)
F1
S. 37 cross-heading substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 9
38Limit on deduction if accounting period falls partly within 12 month period
C11
This section applies if an accounting period falls partly within the period of 12 months mentioned in section 37(3)(b).
2
The amount of the deduction for the loss for the accounting period is not to exceed an amount equal to the overlapping proportion of the company's total profits of that period.
C23
The overlapping proportion is the same as the proportion that the part of the accounting period falling within the period of 12 months bears to the whole of the accounting period.
Pt. 4 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10