VCM49300 - VC loss relief: companies: method of allowing relief

ICTA88/S573 (2)

The relief available to investment companies has its own rules for claims and allowances, which broadly follow those in ICTA88/S393 (CT relief for trading losses). The claim firstly sets the loss against the CT income of the investment company for the accounting period in which the loss was incurred. If the claim so requires, any remaining loss may then be set against the CT income for the preceding accounting period or periods, see VCM49350, provided that the claimant was also an investment company throughout that period, or periods.