70 Determining losses in previous tax years
Income Tax Act 2007 (2007 c 3) | Legislation

70  Determining losses in previous tax years

(1)     This section applies for the purposes of sections 67(2) and 68(5) in determining whether a loss, calculated without regard to capital allowances, is made in the trade in any tax year before the current tax year.

(2)     . . .

(3)     [The loss] is determined by reference to—

(a)     the profits or losses of periods

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