This section is concerned with the case where a terminal loss is incurred in a trade which ceases within four years from the date when the company comes within the charge to corporation tax in respect of the trade and the loss cannot be fully relieved for corporation tax purposes under section 18. The section secures that the balance which cannot be relieved for corporation tax purposes may be carried back to reduce the profits of the trade chargeable to income tax for a year of assessment, the basic period for which falls wholly or partly within the four years expiring on the terminal date.
SECTION 185.
Question proposed: " That section 185 stand part of the Bill."
Question put and agreed to.