Corporation Tax Act 2010 section 91

Relief for losses from miscellaneous transactions

Section 91 provides relief where a company makes a loss on a transaction that, had it produced a profit, would have been taxed as miscellaneous income.

• A loss arising from a transaction that would otherwise generate miscellaneous income qualifies for relief under this section.
• The loss is first set against the company's miscellaneous income of the same accounting period (the loss-making period).
• Any loss that cannot be used in the loss-making period is carried forward and set against miscellaneous income of subsequent accounting periods, in order, until fully relieved.
• Miscellaneous income losses can only be relieved against miscellaneous income — they cannot be set against other types of income — and offshore income gains under the Offshore Funds (Tax) Regulations 2009 are excluded from the definition of miscellaneous income for these purposes.