# Income Tax (Trading and Other Income) Act 2005, 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.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/26 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.