Section 26 Losses calculated on same basis as profits
(1)
The same rules apply for income 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 Basis of accounting
Textual amendments
- F1
S. 24A and cross-heading inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 2, 47 (with Sch. 10 paras. 48-50)