Section 1260 — Corporation Tax Act 2009: Section 1259: supplementary

Section 1259: supplementary 1260 1 In determining under section 1259 the profits of a trade for any accounting period no account is taken of any losses for another accounting period.

2 Profits and losses are determined under section 1259 on the basis that no interest paid or other distribution made by the firm is a distribution for the purposes of section 1305(1) (which provides that no deduction is allowed for dividends or other distributions).