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HMRC internal manual

Capital Gains Manual

Administration: introduction: losses

Losses are computed on the same principles as chargeable gains. `Allowable losses’ donot include losses which accrue to a company in circumstances where any gain that hadarisen would have been exempt from Corporation Tax, Section 8(2).

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.