(a) Where in any accounting period a company incurs a loss in a transaction in respect of which the company is within the charge to corporation tax under Case IV of Schedule D, the company may claim to set the loss off against the amount of any income arising from such transactions in respect of which the company is assessed to corporation tax under that Case for the same or any subsequent accounting period, and the company's income in any accounting period from such transactions shall then be treated as reduced by the amount of the loss, or by so much of that amount as cannot be relieved under this section against income of an earlier accounting period.
(b) Where a company sustains a loss in a transaction which, if profit had arisen from it, would be chargeable to tax by virtue of subsection (3) or (4) of section 814, then, if the company is chargeable totax in respect of the interest payable on the amount of money the right to which has been disposed of, the amount of that intere
…