Finance Act, 1941

Provision for losses in certain cases.

10.—Where the net result of the carrying on of a trade or business to which this Part of this Act applies in the accounting year or the two or three accounting years by reference to the profits for which or for one of which (as the case may be) the standard profits of an individual from such trade or business are computed has been a loss, such loss shall, to the extent to which it exceeds the profits of such individual from the said trade or business for the accounting year next following the said accounting year or the last of the said two or three accounting years (as the case may be), be carried forward and, so far as it will extend, be deducted from or set-off against the profits of such individual from the said trade or business in respect of which he is chargeable with excess sur-tax.