Modifications etc. (not altering text)
C1Pt. 4 Ch. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 87(2)(3) (with s. 147, Sch. 17)
(1)This section applies if, in an accounting period, a company with investment business (as defined in section 1218 of CTA 2009)—
(a)ceases to carry on a UK property business or to be within the charge to corporation tax in respect of such a business, but
(b)continues to be a company with investment business.
(2)Subsection (3) applies if, as a result of the company ceasing to carry on the UK property business or to be within the charge to corporation tax in respect of it, an amount of loss made in carrying on that business cannot be carried forward to the next accounting period for the purposes of section 62.
(3)The amount of loss—
(a)is, nevertheless, carried forward to the next accounting period, and
(b)is treated for the purposes of Chapter 2 of Part 16 of CTA 2009 as an expense of management deductible for that period or a succeeding period in accordance with that Chapter.