Corporation Tax Act 2010 (c. 4)

Part 2 U.K. Calculation of liability in respect of profits

Chapter 4 U.K. Currency

Interpretation U.K.

16 Sections 13(2) and 15(5): profit against which carried-forward amount to be set off U.K.

(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.