Commentary on Sections Overview Overview Section 463: Profits available for relief under section 462
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”.