Carry Forward of Losses. Commencing in the Tax Year in which initial Commercial Production commences, any deductions for Income Tax purposes in respect of allowable Contract Expenditures which remain unrecovered in any Tax Year from Contract Revenues shall be treated as an operating loss and may be carried forward as an allowable deduction to subsequent Tax Years until fully recovered from Contract Revenues.
Carry Forward of Losses. 22.19 In the computations of the Company submitted to the Inland Revenue for the accounting period ended 31 August 1996 (the "Relevant Computations"), trading losses of not less than L2,500,000 were claimed as being available for carry forward by the Company pursuant to section 393(1) of the 1988 Act; the Relevant Computations were prepared on a proper basis and no part of any such amount or amounts of the losses claimed is attributable to unused stock relief nor has anything been done, and no event or series of events has occurred or will as a result of any contract, agreement or arrangement entered into before Completion occur nor is the Vendor aware of any matter or thing which might cause or contribute to the disallowance for the Company of the carry forward of losses or excess charges on income which would otherwise have been available to the Company under the provisions of any Taxation Statute provided always that this paragraph 22.19 shall be deemed not to have been breached if the said Losses are not so available to carry forward solely as a result of any act or omission of the Purchaser, the Company or any of their Associates on or after Completion.
Carry Forward of Losses. Nothing has been done, and no event or series of events has occurred or will as a result of any Contract, agreement or arrangement entered into before Completion occur, which might when taken together with the entry into or Completion of this Agreement cause or contribute to the disallowance to any Group Company of the carry forward of any losses or excess charges on income or surplus advance corporation tax.
Carry Forward of Losses. Nothing has been done and no event or series of events has occurred or will, as a result of any Contract, agreement or arrangement entered into before the date hereof occur which might cause or contribute to the disallowance of the carry forward of losses or excess charges on income or surplus advance corporation tax under the provisions of Sections 245, 245A, 393 or 768 of the Taxes Act or the disallowance of the carry back of losses under the provisions of Sections 393A and 768A of the Taxes Act.
Carry Forward of Losses. There has been no change in the ownership of the Company nor any major change in the nature of conduct of the trade or Business carried on by the Company nor has any other event or series of events occurred before Closing which might cause the disallowance of the carry forward or back of losses.
Carry Forward of Losses. Starting from the Calendar Year during which the first commercial production takes place all deductibles charges relating to the Petroleum Operations which are used in determining the direct profits tax which cannot be recovered will be considered as an exploitation loss and will be carried forward as a deduction for the following Calendar year until the end of the fifth (5th)
