# Broadcasting Act 1981, Paragraph 3


(1) Where, in any accounting period, the relevant expenditure of a programme contractor exceeds his relevant income, the excess shall be carried forward to the following accounting period and treated as relevant expenditure for that period for the purpose of computing his profits for that period.
(2) When a programme contractor’s contract with the Authority comes to an end, no losses incurred at any time during the currency of that contract may be carried forward under this paragraph and set against income attributable to any subsequent contract between him and the Authority.

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Source: https://www.legislation.gov.uk/ukpga/1981/68/schedule/4/paragraph/3 (the official version)
Page: https://openlegislation.uk/broadcasting-act-1981/schedule-4/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.