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Income and Corporation Taxes Act 1988, Section 392A is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Where a company incurs a [F3UK property business loss] in an accounting period, the loss shall be set off for the purposes of corporation tax against the company’s total profits for that period.
(2)To the extent that a company’s [F4UK property business loss] cannot be set off under subsection (1), it shall, if the company continues to carry on the [F5UK property business] in the succeeding accounting period, be carried forward to that period and be treated for the purposes of this section as a [F4UK property business loss] of that period.]
[F6(3)Where a company with investment business—
[F7(a)ceases to carry on a UK property business, or to be within the charge to corporation tax in respect of such a business, but]
(b)continues to be a company with investment business,
any [F8UK property business loss] that cannot be used under the preceding provisions shall be carried forward to the succeeding accounting period and be treated for the purposes of [F8Chapter 2 of Part 16 of CTA 2009] as if it were expenses of management deductible for that period.]
(4)In this section—
(a)a [F9“UK property business loss”] means a loss incurred by a company in a [F9UK property business] carried on by it; and
(b)[F10“company with investment business”] has [F11the meaning given by section 1218 of CTA 2009].
(5)The preceding provisions of this section apply to a [F12UK property business] only to the extent that it is carried on—
(a)on a commercial basis, or
(b)in the exercise of statutory functions.
(6)For the purposes of subsection (5)(a)—
(a)a business or part is not carried on on a commercial basis unless it is carried on with a view to making a profit, but if it is carried on so as to afford a reasonable expectation of profit it is treated as carried on with a view to making a profit; and
(b)if there is a change in the manner in which a business or part is carried on, it is treated as having been carried on throughout an accounting period in the way in which it was being carried on by the end of the period.
(7)In subsection (5)(b) “statutory functions” means functions conferred by or under any enactment (including an enactment contained in a local or private Act).
Textual Amendments
F1S. 392A title substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(7) (with Sch. 2 Pts. 1, 2)
F2Ss. 392A, 392B and preceding cross-heading inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 28 (with Sch. 5 paras. 72, 73)
F3Words in s. 392A(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(2) (with Sch. 2 Pts. 1, 2)
F4Words in s. 392A(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(3)(a) (with Sch. 2 Pts. 1, 2)
F5Words in s. 392A(2) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(3)(b) (with Sch. 2 Pts. 1, 2)
F6S. 392A(3) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), Sch. para. 12(2)(4)
F7S. 392A(3)(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(4)(a) (with Sch. 2 Pts. 1, 2)
F8Words in s. 392A(3) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(4)(b) (with Sch. 2 Pts. 1, 2)
F9Words in s. 392A(4)(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(5)(a) (with Sch. 2 Pts. 1, 2)
F10Words in s. 392A(4)(b) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), Sch. para. 12(3)(4)
F11Words in s. 392A(4)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(5)(b) (with Sch. 2 Pts. 1, 2)
F12Words in s. 392A(5) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 108(6) (with Sch. 2 Pts. 1, 2)
Modifications etc. (not altering text)
C1S. 392A modified (with effect in accordance with s. 70(1) of the modifying Act) by Finance Act 2001 (c. 9), Sch. 22 para. 17(1) (with Sch. 22 para. 32)
C2S. 392A modified (1.4.2009 with effect in accordance with s. 1329(1) of the modifying Act) by Corporation Tax Act 2009 (c. 4), s. 1158(1) (with Sch. 2 Pts. 1, 2, 16)
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