Section 692: Allowance of accumulated net losses
1913.This section gives relief for some of the debits prevented from being brought into account by section 690. It is based on paragraph 23(1), (4), (5), (6) and (7) of Schedule 26 to FA 2002.
1914.The amount that is relieved under this section by being brought into account as a debit, by virtue of subsection (4), is the amount of the “excess accumulated net losses” found in accordance with the method statement in subsection (5).
1915.In effect, debits excluded for an accounting period because of section 690(3) are nevertheless relieved in that or a later period to the extent that there are non-excluded credits against which they can be set.
1916.The calculation of the amount to be relieved is on a cumulative basis and that amount is reduced by any debit already given under this section.
