Related Commentary  Related HMRC Manuals

37(1)  This section applies if, in an accounting period, a company carrying on a trade makes a loss in the trade.

37(2)  The company may make a claim for relief for the loss under this section (but see subsection (5)).

37(3)  If the company makes a claim, the relief is given by deducting the loss from the company's total profits of–

(a)the accounting period in which the loss is made (“the loss-making period”), and

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