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Relief of excess management expenses

Relief of excess management expenses

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An investment company has excess management expenses.

It commences a trade (new accounting period) and has taxable trading profits in its first period of trade.

Can the management expenses brought forward be set against the trading profits?

Does it make a difference if the company in addition to its trade:

a) Does have investment business also,

b) Doesn't have any investment business?

Thanks

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