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HMRC internal manual

Company Taxation Manual

Particular bodies: registered societies: relief for losses carried forward


The losses of a registered society which are carried forward under CTA10/S45 may be relieved against the following items of income for the purposes of CTA10/S46 (trade-related interest etc – see CTM04250):

  • interest brought into the computation of CT profits as a trading loan relationship credit
  • foreign investment income.

These sums must be income from investments which would have been taken into account as trading income but for the fact that they are charged under other Parts of CTA09.