Commentary on Sections Overview Overview Section 389: Claim to carry back deficit
1195.This section provides for a claim to be made to carry back the excess if a deficit exceeds the income and gains of the deficit period. It is based on paragraph 4(3), (5) and (15) of Schedule 11 to FA 1996. The deficit must be set off against the company’s “available profits”, defined in the following section.
1196.Subsection (5) replaces “the Board” in paragraph 4(15) with “an officer of Revenue and Customs”. See Change 1 in Annex 1.