118Carry forward against subsequent property business profitsU.K.
(1)Relief is given to a person under this section if the person—
(a)carries on a UK property business or overseas property business (alone or in partnership) in a tax year, and
(b)makes a loss in the business in the tax year.
(2)The relief is given by deducting the loss in calculating the person's net income for subsequent tax years (see Step 2 of the calculation in section 23).
(3)But a deduction for that purpose is to be made only from profits of the business.
(4)In calculating a person's net income for a tax year, deductions under this section from the profits of a business are to be made before deductions of any other reliefs from those profits.
(5)No relief is to be given under this section so far as relief for the loss is given under section 120.
(6)This section needs to be read with section 119 (how relief works).
Modifications etc. (not altering text)
C1S. 118 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(7)