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HMRC internal manual

Capital Gains Manual

Administration: introduction: losses

In an accounting period where a company has an excess of losses over chargeable gains,it cannot set the excess losses against income in computing the Corporation Tax profits ofthe period.

Note: Additional rules placing a restriction on a company’s allowable losses wereenacted in FA 2006. See CG47020+ for guidance on the rules which apply to losses whichaccrue on or after 5 December 2005.