Section 1306 — Corporation Tax Act 2009: Losses calculated on same basis as miscellaneous income

Losses calculated on same basis as miscellaneous income 1306 1 The same rules apply for corporation tax purposes in calculating a company's miscellaneous losses as apply in calculating corresponding miscellaneous income.

2 This is subject to any express provision to the contrary.

3 In this section—

a “ miscellaneous income ” means profits or other income of the company charged to corporation tax under or by virtue of a provision to which section 1173 of CTA 2010 applies, and b “ miscellaneous losses ” means losses in transactions in respect of which the company is within the charge to corporation tax under or by virtue of such a provision.

4 Provision corresponding to that made by this section is made by—

a section 47 (in relation to trades),

and b section 210 (in relation to property businesses).