Related Commentary  Related HMRC Manuals

224(1)  The adjusted profits are taken to be the relevant profits of the tax years to which the claim relates for all income tax purposes, including the further application of this Chapter.

224(2)  This is subject to–

(a)subsection (3) of this section and section 225(2), and

224(3)  If the relevant profits of one of the tax years are nil, this Chapter does not prevent the taxpayer from obtaining relief under the Income Tax Acts for a loss made by the taxpayer in the tax year in question or any other tax year.

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