The Conservative-led council had planned to replace the building with a car park, claiming it was in a "dilapidated state" and was running at a loss.

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The complex form may be a better choice for businesses running at a loss because the deduction can be carried forward to future years using that method.

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One way is to sell some rotten stocks at a loss, running up a capital loss deduction that can be netted against the Treasury profit.

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None of this excess capacity is likely to be shut down quickly, because cash-strapped firms have an incentive to keep factories running, even at a loss, to generate income.

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According to council documents, Devon's overall "on-street parking account" is running at a surplus, but the collection of Penalty Charge Notices (PCNs) is making a loss and has been for the last five years.

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