28. (1)

{a}

the allowance provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax Act shall be taken into account;

{b) the allowances referred to in paragraph {a} for that year of assessment shall firstly be deducted against the qualifying income, and any unabsorbed allowances shall be deducted against the other income of the company subject to tax at the rate of tax under section 35 of the Income Tax Act in accordance with section 29;

{c) the balance, if any, of the allowances after the deduction in paragraph {b) shall be available for deduction for any subsequent year of assessment in accordance with section 20 of the Income Tax

Act and shall be made in the manner provided in paragraph {b);

{d)

any loss incurred for that basis period shall be deducted in accordance with section 29 against the other income of the company subject to tax at the rate of tax under section 35 of the

Income Tax Act; and

{e)

the balance, if any, of the losses after the deduction in paragraph

{d) shall be available for deduction for any subsequent year of assessment in accordance with section 30 of the Income Tax Act firstly against the qualifying income, and any balance of the losses shall be deducted against the other income of the company subject to tax at the rate of tax under section 35 of the Income Tax Act in accordance with section 29.

Adjustment of capital allowances cptd losses.