Related Commentary  Related HMRC Manuals

91(1)  This section applies if, in an accounting period (“the loss-making period”), a company makes a loss in a transaction within subsection (2).

91(2)  A transaction is within this subsection if income arising from it would be miscellaneous income of the company.

91(3)  Relief for the loss is given to the company under this section.

91(4)  For this purpose the company's miscellaneous income of the loss-making period is reduced by the loss.

91(5)  Subsection (6) applies to the loss so far as it cannot be used under subsection (4) to reduce the company's income.

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