Chargeable gains accruing to a company are calculated by reference to accounting periods and, except as noted below, after deducting any allowable losses in that and in previous accounting periods while the company has been within the charge to corporation tax (TCGA 1992, s. 2A, formerly TCGA 1992, s. 8(1); as to when a company is within the charge to corporation tax, see ¶700-800). The charge is effected by inclusion of such net gains in the company’s profits subject to corporation tax (see ¶500-300). Accounting periods are determined under general rules (see ¶700-550).

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