Commentary on Sections Overview Overview Section 457: Basic rule for deficits: carry forward to accounting periods after deficit period
1305.This section provides that deficits which are neither surrendered as group relief nor set-off against profits of the loss period or earlier periods are carried forward and set against the non-trading profits of the following accounting period. It is based on section 83(3A) of, and paragraph 4(1) to (3) and (6) of Schedule 8 to, FA 1996.