Corporation Tax Act 2010 section 35

Overview of Part

Section 35 provides an overview of Part 4 of the Corporation Tax Act 2010, which sets out the various types of corporation tax loss relief available to companies and how those losses should be calculated.

• Relief is available for trading losses, property business losses (UK and overseas), losses on disposals of certain shares, and losses from certain miscellaneous transactions, with specific restrictions applying to limited partnerships and limited liability partnerships.
• Where the government has written off an investment in a company, the amount of loss relief otherwise available may be reduced.
• Losses are calculated on the same basis as profits, so the same accounting and tax rules that apply when working out taxable profits also apply when determining the amount of an allowable loss.
• Where a company is a partner in a partnership, separate rules in Part 17 of the Corporation Tax Act 2009 govern how its share of partnership losses is calculated.