Corporation Tax Act 2010 (c. 4)

Part 14 U.K. Change in company ownership

Chapter 3 U.K. Company with investment business: restrictions on relief: general provision

Restrictions on relief U.K.

680 Restriction on the carry forward of non-trading deficit from loan relationships U.K.

(1) This section has effect for the purpose of restricting the carry forward of a non-trading deficit from the company's loan relationships under Part 5 of CTA 2009 (loan relationships).

(2) Subsection (3) applies if the non-trading deficit in column 1 of row 4 of the table in section 685(2) is apportioned in accordance with section 685(2) to the first notional accounting period.

(3) None of that non-trading deficit may be carried forward to—

(a) the accounting period beginning immediately after the change in ownership, or

(b) any subsequent accounting period.