Part 2 U.K. Trading income

Chapter 3 U.K. Trade profits: basic rules

[F1 Basis of accounting] U.K.

Textual Amendments

F1 S. 24A and cross-heading inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 2, 47 (with Sch. 10 paras. 48-50)

26 Losses calculated on same basis as profits U.K.

(1) The same rules apply for income tax purposes in calculating losses of a trade as apply in calculating profits.

(2) This is subject to any express provision to the contrary.