A partnership facing sure future losses because of obligations under leases where rents would not be met by sub-lettings because of falls in letting values, could set off losses in future years also against current profits since it was proper accounting practice.
Citations:
Times 04-Mar-1999, Gazette 17-Mar-1999
Jurisdiction:
England and Wales
Income Tax
Updated: 08 April 2022; Ref: scu.81336
