Part 20General calculation rules

Chapter 2Other general rules

Miscellaneous profits and losses

1306Losses calculated on same basis as miscellaneous income

(1)

The same rules apply for corporation tax purposes in calculating a company's miscellaneous losses as apply in calculating corresponding miscellaneous income.

(2)

This is subject to any express provision to the contrary.

(3)

In this section—

(a)

“miscellaneous income” means profits or other income of the company charged to corporation tax under or by virtue of a provision to which F1section 1173 of CTA 2010 applies, and

(b)

“miscellaneous losses” means losses in transactions in respect of which the company is within the charge to corporation tax under or by virtue of such a provision.

(4)

Provision corresponding to that made by this section is made by—

(a)

section 47 (in relation to trades), and

(b)

section 210 (in relation to property businesses).