Related Commentary  Related HMRC Manuals

39(1)  This section applies if–

(a)a company ceases to carry on a trade, and

(b)the company has made a terminal loss in the trade.

39(2)  Sections 37(3)(b) and 38(1) and (3) have effect in relation to the terminal loss as if the references to 12 months were references to 3 years.

39(3)  The following are terminal losses made in the trade–

(a)the whole of any loss made by the company in the trade in an accounting period that begins during the final 12 months, and

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