Section 24

the amount of any loss incurred in any accounting period of the old business of a pioneer company shall be computed in like manner as any income falls to be computed under section 20(1);

subject to subsection (3), the amount of the loss incurred by a pioneer company for the whole of its tax relief period shall be the amount by which the total of all losses computed for all accounting periods under paragraph (a) exceeds the total of the income for all accounting periods in which a loss was not so computed.

the amount of any loss of a pioneer company has been computed for an accounting period;

in accordance with section 20(1)

and subsection (2)(a) of this section the accounting period has been treated for the purposes of the computation as the basis period for a year of assessment, the amount of the loss shall be deducted, from any adjusted income of the company for the basis period for that year of assessment which is income not exempt from tax under this Part;

and the amount of any losses carried forward under subsections