[F1127BARestriction of relief: cash basisU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)in a tax year a person makes a loss in a UK property business or overseas property business (whether carried on alone or in partnership), and
(b)the profits of the business are calculated on the cash basis for the tax year (see section 271D of ITTOIA 2005).
(2)No property loss relief against general income may be given to the person for the loss.]
Textual Amendments
F1S. 127BA inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 62(3)