Corporation Tax Act 2010 section 497

Section 496: supplementary

Section 497 provides supplementary definitions and rules that support the meaning of "non-charitable expenditure" as set out in section 496, including what counts as a miscellaneous transaction and how losses should be calculated.

• A transaction is a "miscellaneous transaction" if any income or gains from it would have been charged to corporation tax under the miscellaneous charges provisions, ignoring any charitable exemptions
• Trading losses must be calculated on the same basis as trading profits
• Losses from UK or overseas property businesses must also be calculated on the same basis as the corresponding profits
• Losses from miscellaneous transactions must be calculated on the same basis as miscellaneous income