Where the Government has invested in a company, any amount of that investment which is written off is used to reduce the company’s tax losses. The amount written off is used to reduce the company’s tax losses at the end of the last accounting period which ended before the amount was written off, any excess being carried forward against losses at the end of subsequent accounting periods in chronological order, until the amount is exhausted (CTA 2010, s. 91(1)–(3)).

For this purpose, a company’s tax losses at the end of the accounting period are:

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