Section 156 | “Losses” and “profits”

(1)In this Part “losses” includes amounts which are not losses but in respect of which relief may be given in accordance with the Tax Acts including (for example)—

(a)section 57 of ITTOIA 2005 (pre-trading expenses),

(b)section 88 of ITA 2007 (carry forward of certain interest),

(c)section 61 of CTA 2009 (pre-trading expenses),

(d)sections 387 to 391 of CTA 2009 (insurance companies: non-trading deficits on loan relationships),

(e)Chapter 16 or Chapter 16A of Part 5 of CTA 2009 (non-trading deficits on loan relationships),

(f)section 1223 of CTA 2009 (excess of management expenses), ...

(g)Part 5 of CTA 2010 (group relief) , or

(2)In this Part “profits” includes income.