[Incurring a loss in carrying on a qualifying activityU.K.
4U.K.Paragraphs 5 to 9 apply for the interpretation of paragraph 1(2)(b).
5(1)This paragraph applies where the qualifying activity is a [UK property business] other than a furnished holiday lettings business and paragraph 7 does not apply.U.K.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss incurred in carrying on that part of the business (if any) to which [sections 62 and 63 of CTA 2010 (UK property business losses) apply (see section 64 of that Act)].
6(1)This paragraph applies where the qualifying activity is an overseas property business and paragraph 7 does not apply.U.K.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss incurred in carrying on that part of the business (if any) to which [section 66 of CTA 2010] (losses from overseas property business) applies [(see section 67 of that Act)].
7(1)This paragraph applies where—U.K.
(a)the qualifying activity is a [UK property business] or an overseas property business, and
(b)the company is an insurance company.
(2)References in this Schedule to a loss incurred in carrying on the qualifying activity are to a loss which is treated under section 432AB(3) of ICTA, for the purposes of section 76 of that Act, as expenses payable which fall to be brought into account at Step 3 of subsection (7) of that section.
(3)Where the insurance company is treated under section 432AA of that Act as carrying on more than one [UK property business] or overseas property business, references in this Schedule to a loss incurred in carrying on the qualifying activity are to be construed in accordance with section 432AB(4) of that Act (aggregation of losses).
8(1)This paragraph applies where the qualifying activity is managing the investments of a company with investment business.U.K.
(2)The company incurs a loss in carrying on that activity in a chargeable period if in that chargeable period—
[(a)the sum of the amounts mentioned in section 1223(2) of CTA 2009, exceeds]
(b)the amount of the profits from which those expenses and charges are deductible,
and the amount of the loss is the amount of the excess.
9(1)This paragraph applies where the qualifying activity is life assurance business and the profits of that business are charged to tax under the I minus E basis.U.K.
(2)The company incurs a loss in a chargeable period if in that chargeable period an amount falls to be carried forward to a succeeding chargeable period under section 76(12) of ICTA (carrying forward unrelieved expenses).
(3)The amount of the loss is the amount which falls to be so carried forward.]