Section 391 — Corporation Tax Act 2009: Carry forward of surplus deficit to next accounting period

Carry forward of surplus deficit to next accounting period 391 1 This rule applies if any of the deficit is not—

a set off against the income and gains referred to in section 388(1), or b set off against the profits referred to in section 389(1) as the result of a claim under that section.

2 That deficit must be carried forward to the accounting period immediately after the deficit period (“the next period”).

3 Any deficit so carried forward is treated for the purposes of section 76 of FA 2012 as a deemed BLAGAB management expense for the next period.