1319.This section sets out which profits may be reduced by a deficit carried back against profits of an earlier period under section 459. It is based on paragraph 3(4) to (7) of Schedule 8 to FA 1996.
1320.The reliefs in subsection (5) are set against the profits before the apportionment required by subsection (3) to give the “amount available for relief”.
Commentary on Sections Overview Overview Section 463: Profits available for relief under section 462