1153Amount of a loss which is “unrelieved”
(1)The amount of a UK property business loss or trading loss that is “unrelieved” is the amount of the loss reduced by—
(a)any relief obtained by the company under section 392A(1) of ICTA, or that was or could have been obtained by it making a claim under section 393A(1)(a) of ICTA, to set the loss against profits of the same accounting period,
(b)any other relief obtained by the company in respect of the loss, including relief under section 393A(1)(b) of ICTA (losses set against profits of an earlier accounting period), and
(c)any loss surrendered under section 403(1) of ICTA (surrender of relief to group or consortium members).
(2)No account is to be taken for this purpose of—
(a)any UK property business losses or trading losses brought forward from an earlier accounting period under section 392A(2) or 393(1) of ICTA, or
(b)any trading losses carried back from a later accounting period under section 393A(1)(b) of ICTA.
(3)Subsections (4) to (7) apply (instead of subsection (1)) to determine the amount of a UK property business loss that is “unrelieved” in an accounting period (“the relevant accounting period”) in a case where, as a result of section 432AB(3) of ICTA, the loss is treated for the purposes of section 76 of that Act as expenses payable which fall to be brought into account at Step 3 in subsection (7) of that section.
(4)If in the relevant accounting period no amount falls to be carried forward to a subsequent accounting period under section 76(12) of ICTA (unrelieved expenses carried forward), no amount of the UK property business loss is unrelieved.
(5)If in the relevant accounting period there is an amount which falls to be carried forward to a subsequent accounting period under section 76(12) of ICTA, the amount of the UK property business loss that is unrelieved is—
(a)the amount which so falls to be carried forward, or
(b)if less, the amount of the UK property business loss.
(6)In determining for the purposes of subsection (4) or (5) whether there is an amount which falls to be carried forward to a subsequent accounting period under section 76(12) of ICTA, no account is to be taken of the amounts specified in subsection (7).
(7)Those amounts are amounts—
(a)brought forward from an earlier accounting period, and
(b)treated for the purposes of section 76 of ICTA as expenses payable which fall to be brought into account for the relevant accounting period in accordance with—
(i)Step 7 in section 76(7) of ICTA, as a result of a previous application of section 76(12) or (13) of that Act, or
(ii)Step 3 in section 76(7) of ICTA, as a result of section 391 of this Act (carry forward of surplus deficit).
(8)If—
(a)the company is an insurance company, and
(b)it is treated under section 432AA of ICTA as carrying on more than one UK property business,
references in this section to a UK property business loss are to be read in accordance with section 432AB(4) of ICTA (aggregation of losses).