# Taxation (International and Other Provisions) Act 2010, Section 53: Earlier years' non-trading deficits on loan relationships


(1) Subsection (2) applies for the purposes of section 42 if an amount (“the deficit”) is carried forward to the period under section 457(1) of CTA 2009 (non-trading deficits on loan relationships set against profits of subsequent years).
(2) The deficit can be allocated only to the company's non-trading profits for the period, but the company may allocate the deficit to such of those profits, and in such amounts, as the company thinks fit.
(3) In this section “non-trading profits” has the meaning given by section 457(5) of CTA 2009.

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Source: https://www.legislation.gov.uk/ukpga/2010/8/section/53 (the official version)
Page: https://openlegislation.uk/taxation-international-and-other-provisions-act-2010/section-53
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.