s 15 Carry forward of loss and allowance
15.—(1) Where a pioneer enterprise has at any time —(a) during its tax relief period for a pioneer product; or (b) where the pioneer certificate issued to the pioneer enterprise specifies 2 or more pioneer products, during the longer or longest of the tax relief periods for those pioneer products, incurred a loss in the old trade or business in respect of that product or any of those products for any year, that loss must be deducted in accordance with section 37 of the Income Tax Act 1947 (as applied with the necessary modifications), but only against the income of the pioneer enterprise from that old trade or business as ascertained under section 10. [11/2016] (2) The balance of any such loss which remains unabsorbed on the tax relief expiry date of the old trade or business is available as a deduction for the year of assessment which relates to the basis period in which the new trade or business commences and for any subsequent year of assessment in accordance with section 37 of the Income Tax Act 1947, in the following descending order of priority:(a) against the statutory income of the pioneer enterprise from the corresponding new trade or business; (b) against the statutory income of the pioneer enterprise from any other trade or business; (c) against the statutory income of the pioneer enterprise from any other source.[11/2016; 8/2018] (3) Despite section 7(a), the balance of any allowance as provided for in section 10 which remains unabsorbed on the tax relief expiry date of the old trade or business is available as a deduction for the year of assessment which relates to the basis period in which the new trade or business commences and for any subsequent year of assessment in accordance with section 23 of the Income Tax Act 1947, in the following descending order of priority:(a) against the statutory income of the pioneer enterprise from the corresponding new trade or business; (b) against the statutory income of the pioneer enterprise from any other trade or business; (c) against the statutory income of the pioneer enterprise from any other source.[11/2016; 8/2018]