PART XU.K. LOSS RELIEF AND GROUP RELIEF

CHAPTER IIU.K. LOSS RELIEF: CORPORATION TAX

Modifications etc. (not altering text)

C1 See s.434A—limitations on loss relief for life assurance company.

C2Pt. 10 Chs. 1, 2 extended (with effect in accordance with s. 44 of the extending Act) by Finance Act 1998 (c. 36), Sch. 6 para. 2, (with Sch. 6 para. 6)

C3Pt. 10 Chs. 1, 2 extended (with effect in accordance with s. 64, Sch. 22 paras. 16-18 of the extending Act) by Finance Act 2002 (c. 23), Sch. 22 para. 4(2)(d)

C4Pt. 10 Ch. 2 modified (1.4.2009 with effect in accordance with s. 1329(1) of the modifying Act) by Corporation Tax Act 2009 (c. 4), s. 39(3) (with Sch. 2 Pts. 1, 2)

Losses from Schedule A business or overseas property businessU.K.

392B Losses from overseas property business.U.K.

(1)Where in any accounting period a company incurs a loss in an overseas property business (whether carried on by it solely or in partnership)—

(a)the loss shall be carried forward to the succeeding accounting period and set against any profits of the business for that period,

(b)if there are no profits of the business for that period, or if the profits for that period are exceeded by the amount of the loss, the loss or the remainder of it shall be carried forward again and set against any profits of the business for the next succeeding accounting period,

and so on.

(2)Subsections (5) to (7) of section 392A apply in relation to relief under subsection (1) above and an overseas property business as they apply in relation to relief under section 392A(1) to (3) and a Schedule A business.

Modifications etc. (not altering text)