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BLAGAB trade losses carried forward must always be set first against BLAGAB trade profits of the period. Between 1 April 2017 and 5 July 2018 the set-off of carried forward BLAGAB trade losses against BLAGAB trade profits was restricted to the 鈥渞elevant maximum鈥� permitted by FA12/S124D.

The relevant maximum is the sum of鈥�

• 50% of the company鈥檚 鈥渞elevant BLAGAB trade profits鈥� for the accounting period, and
• the company鈥檚 BLAGAB trade profits deductions allowance for the accounting period.

A company鈥檚 relevant BLAGAB trade profits for an accounting period are鈥�

• the company鈥檚 BLAGAB trade profit for the accounting period, less
• the company鈥檚 BLAGAB trade profits deductions allowance for the accounting period.

If the deduction allowance exceeds the profit, the company鈥檚 relevant BLAGAB trade profits for the accounting period are nil.

If carried forward BLAGAB trade losses exceeded the relevant maximum the excess attributable to losses incurred on or after 1 April 2017 could be set against the total profits or surrendered as group relief (CTA10/S188BB).

LAM15410 explains how carried forward losses can be set against total profits in a company carrying on BLAGAB for periods between 1 April 2017 to 5 July 2018.