Section 156 “Losses” and “profits”
United Kingdom
In this Part “losses” includes amounts which are not losses but in respect of which relief may be given in accordance with F1the Tax Acts including (for example)—
section 57 of ITTOIA 2005 (pre-trading expenses),
section 88 of ITA 2007 (carry forward of certain interest),
section 61 of CTA 2009 (pre-trading expenses),
sections 387 to 391 of CTA 2009 (insurance companies: non-trading deficits on loan relationships),
Chapter 16 F2or Chapter 16A of Part 5 of CTA 2009 (non-trading deficits on loan relationships),
section 1223 of CTA 2009 (excess of management expenses), F3...
Part 5 of CTA 2010 (group relief) F4, or
Part 5A of CTA 2010 (group relief for carried-forward losses).
In this Part “profits” includes income.
Annotations
Textual amendments
- F1
Words in s. 156(1) inserted (for chargeable periods commencing on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 6 paras. 17, 32(1)
- F2
Words in s. 156(1)(e) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 178(a)
- F3
Word in s. 156(1)(f) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 178(b)
- F4
S. 156(1)(h) and word inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 178(c)
Notes on Part 4
Modifications
- C1
Pt. 4 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
- C2
Pt. 4 excluded (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(2); S.I. 2011/2329, art. 3
- C3
Pt. 4 excluded (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(2); S.I. 2011/2576, art. 5
- C4
Pt. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 129(11) (with s. 147, Sch. 17)