Corporation Tax Act 2009 section 1306

Losses calculated on same basis as miscellaneous income

Section 1306 establishes that miscellaneous losses for corporation tax purposes must be calculated using the same rules that apply when calculating miscellaneous income.

• Miscellaneous losses are calculated using the same rules as miscellaneous income for corporation tax purposes
• This general rule is subject to any express provision that states otherwise
• Miscellaneous income means profits or other income charged to corporation tax under a provision to which section 1173 of CTA 2010 applies
• Parallel provisions exist for trading losses (section 47) and property business losses (section 210)