# Income Tax (Trading and Other Income) Act 2005, Section 255: Further rules about allowable deductions


(1) An amount may not be deducted more than once under section 254.
(2) A deduction under that section of a loss must be made from post-cessation receipts charged for an earlier tax year in preference to those charged for a later tax year.
(3) But this does not authorise the deduction of a loss from post-cessation receipts charged for a tax year before the tax year in which the loss is made.
(4) No deduction may be made under section 254 from any amount that is treated as a post-cessation receipt under—
(a) section 248(4) (debts paid after cessation), or
(b) section 250 (receipts relating to post-cessation expenditure).

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/255 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-255
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.