692 Allowance of accumulated net losses
Corporation Tax Act 2009 (2009 c 4) | Legislation

692  Allowance of accumulated net losses

(1)     This section applies if—

(a)     in any accounting period a derivative contract of a company has an unallowable purpose, and

(b)     there is a net loss in respect of that contract for that period.

(2)     For the purposes of this section, there is such a net loss if—

(a)     the sum of the debits in respect of that contract which are excluded from being brought into account for that period by section 690(3), exceeds

(b)     the sum

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