Related Commentary  Related HMRC Manuals

388(1)  The basic rule is that the deficit must be set off against any income and gains of the deficit period which are referable to BLAGAB.

388(2)  The income and gains are reduced accordingly.

388(3)  Any such reduction is made in accordance with step 4 in section 73 of FA 2012 (that is to say, before any deduction for the adjusted BLAGAB management expenses of the company for the deficit period).

History

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.