PART XVII TAX AVOIDANCE
CHAPTER VI MISCELLANEOUS
Change in ownership of company
768AF1Change in ownership: disallowance of carry back of trading losses.
(1)
In any case where—
(a)
within any period of three years there is both a change in the ownership of a company and (either earlier or later in that period, or at the same time) a major change in the nature or conduct of a trade carried on by the company, or
(b)
at any time after the scale of the activities in a trade carried on by a company has become small or negligible, and before any considerable revival of the trade, there is a change in the ownership of the company,
no relief shall be given under section 393A(1) F2or 393B(3) by setting a loss incurred by the company in an accounting period ending after the change in ownership against any profits of an accounting period beginning before the change in ownership.
(2)
Subsections (2) to (4), (8) and (9) of section 768 shall apply for the purposes of this section as they apply for the purposes of that section.
(3)
This section applies in relation to changes in ownership occurring on or after 14th June 1991.