Related Commentary  Related HMRC Manuals

385(1)  This section applies if the business carried on by the company is a trade carried on wholly or partly in the United Kingdom the profits of which are chargeable to corporation tax under Chapter 2 of Part 3 of CTA 2009 (trading income).

385(2)  No part of a loss may be deducted under section 37(3)(b) (relief for trade losses against total profits of earlier accounting periods) or section 45F (relief for terminal trade losses) from so much of the company's total profits as derive from the income.

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