Section 5AA — Finance Act 2003: Relief for losses

Relief for losses 5AA 1 This section applies where the amount of a person’s net stake receipts for an accounting period in respect of a class of bets (calculated in accordance with section 5(1)) is a negative amount.

2 That amount shall be carried forward to the following accounting period and, to the extent that it does not exceed it, deducted from the amount of the person’s net stake receipts in respect of the same class of bets for that period.

3 If the amount of those net stake receipts for that following accounting period—

a is not a positive amount, or b is less than the amount carried forward, the amount carried forward or, as the case may be, the balance of it shall be treated for the purposes of this section as if it were a negative amount of net stake receipts for that period in respect of the same class of bets.