Introduction Overview Chapter 1: Introduction Section 35: Overview of Part
155.This section provides an overview of the Part. It is new.
156.Subsection (3) refers to section 47 of CTA 2009 which is reproduced here in order to avoid the need to cross-refer to that Act:
(1)The same rules apply for corporation tax purposes in calculating losses of a trade as apply in calculating profits.(2)This is subject to any express provision to the contrary.”