LAM15090 - Excess expenses, losses and deficits:  Set-off of BLAGAB non-trading deficits (loan relationships and derivatives): CTA09/S388-391

Any BLAGAB non-trading deficit NTLR) (LAM03060) is to be used firstly against BLAGAB income and gains (excluding any minimum profits charge) of the period (CTA09/S388).

Any remaining deficit can be carried back for up to 3 accounting periods ending within the 12 months immediately before the deficit period and set against BLAGAB NTLR profits of the most recent accounting period before the next most recent. (CTA09/S389).

Any deficit still remaining is carried forward to the next period and treated as a deemed BLAGAB management expense of that period (CTA09/S391).