carried forward trading losses
Section 393 of the Income and Corporation Taxes Act 1988 (ICTA) allows a company which incurs a trading loss to carry forward the loss and set it off against any trading income from the trade in succeeding accounting periods. However, section 768 of ICTA disallows this relief in certain circumstances. For example, relief is not available if, within any period of three years, there is both a change in the ownership of the company and a major change in the nature or conduct of the trade.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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