Section 47 Losses calculated on same basis as profits
(1)
The same rules apply for corporation tax purposes in calculating losses of a trade as apply in calculating profits.
(2)
This is subject to any express provision to the contrary.
Notes on Part 3
Modifications
- C1
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)