If a CIC gives (covenants) its profits to a charity, the net result is break even and no corporation tax is payable.
If a CIC didn't make the donation in the previous year and paid tax, is there anything stopping the CIC from making an additional donation in the current year and creating a loss, then reclaiming corporation tax paid in the earlier year?
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Yes
Charitable donations are charges on income, set against trade (and other) profits. They cannot be used to create a trading loss (if your donations exceed the amount of profits available you will lose the excess).