Section 91 | Relief for losses from miscellaneous transactions

(1)This section applies if, in an accounting period (“the loss-making period”), a company makes a loss in a transaction within subsection (2).

(2)A transaction is within this subsection if income arising from it would be miscellaneous income of the company.

(3)Relief for the loss is given to the company under this section.

(4)For this purpose the company's miscellaneous income of the loss-making period is reduced by the loss.

(5)Subsection (6) applies to the loss so far as it cannot be used under subsection (4) to reduce the company's income.

(6)The loss—

(a)is carried forward to subsequent accounting periods, and

(b)the company's miscellaneous income of any such period is reduced by the loss so far as it cannot be used under this paragraph to reduce the income of an earlier period.

(7)A company's miscellaneous income is so much of the company's income which—

(a)arises from transactions, and

(b)is chargeable to corporation tax under or by virtue of any provision to which section 1173 applies, other than regulation 18(4) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (offshore income gains).