[F1432AB Losses from Schedule A business or overseas property business.U.K.
(1)This section applies to any loss arising in a Schedule A business or overseas property business.
(2)A loss arising from any category of business mentioned in section 432A(2) shall be apportioned under that section in the same way as income.
(3)So far as a loss is referable to basic life assurance and general annuity business, it shall be treated as if it were an amount of expenses of management under section 76 disbursed for the accounting period in which the loss arose.
(4)Where a company is treated under section 432AA as carrying on—
(a)more than one Schedule A business, or
(b)more than one overseas property business,
then, in relation to either kind of business, the reference in subsection (3) above to a loss referable to basic life assurance and general annuity business shall be construed as a reference to any aggregate net loss after setting the losses from those businesses which are so referable against any profits from those businesses that are so referable.
(5)The provisions of section 392A or 392B (loss relief) do not apply to a loss referable to life assurance business or any category of life assurance business.
(6)Where a company is treated under section 432AA as carrying on—
(a)more than one Schedule A business, or
(b)more than one overseas property business,
and, in relation to either kind of business, there are losses and profits referable to business which is not life assurance business, those losses shall be set against those profits before being used under section 392A or 392B.]
Textual Amendments
F1Ss. 432AA, 432AB inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para 39 (with Sch. 5 para. 73)
Modifications etc. (not altering text)