Corporation Tax Act 2009

388Basic rule: deficit set off against income and gains of deficit periodU.K.
This adran has no associated Nodiadau Esboniadol

(1)The basic rule is that the deficit must be set off against any income and gains of the deficit period which are referable to BLAGAB.

(2)The income and gains are reduced accordingly.

(3)Any such reduction is made [F1in accordance with step 4 in section 73 of FA 2012 (that is to say, before any deduction for the adjusted BLAGAB management expenses of the company for the deficit period)].

Textual Amendments

F1Words in s. 388(3) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 152

Modifications etc. (not altering text)

C1Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)