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Legislation
Corporation Tax Act 2009

Chapter 3 Trade profits: basic rules

  • Section 46 Generally accepted accounting practice
  • Section 47 Losses calculated on same basis as profits
  • Section 48 Receipts and expenses
  • Section 49 Items treated as receipts and expenses
  • Section 49A Money's worth
  • Section 50 Animals kept for trade purposes
  • Section 51 Relationship between rules prohibiting and allowing deductions
  • Section 52 Apportionment etc of profits and losses to accounting period
  1. Corporation Tax Act 2009
  2. /
  3. /Chapter 3 · Trade profits: basic rules

Section 47 | Losses calculated on same basis as profits

From legislation.gov.uk

1 April 2026

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(1)The same rules apply for corporation tax purposes in calculating losses of a trade as apply in calculating profits.

(2)This is subject to any express provision to the contrary.

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