Related Commentary  

1055(1)  For the purposes of this Chapter a company has a Chapter 2 surrenderable loss” if in an accounting period–

(a)it obtains an additional deduction under section 1044 in calculating the profits of a trade and it makes a trading loss in that period in the trade, or

(b)it is treated as making a trading loss under section 1045.

1055(2)  If relief is obtained under section 1044 the amount of the Chapter 2 surrenderable loss is–

(a)so much of the trading loss as is unrelieved, or

(b)if less, 230% of the qualifying Chapter 2 expenditure in respect of which the relief was obtained.

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