Section 197 — Corporation Tax Act 2009: Further rules about allowable deductions

Further rules about allowable deductions 197 1 An amount may not be deducted more than once under section 196.

2 A deduction under that section of a loss must be made from post-cessation receipts charged for an earlier accounting period in preference to those charged for a later accounting period.

3 But this does not authorise the deduction of a loss from post-cessation receipts charged for an accounting period before the accounting period in which the loss is made.