Corporation Tax Act 2010 (c. 4)

Part 14 U.K. Change in company ownership

Chapter 2 U.K. Disallowance of trading losses

[F1 674A Section 674: exception for certain losses of ring fence trade U.K.

(1) Section 674 does not prevent relief being given for a loss if—

(a) the loss is made in a ring fence trade,

(b) the loss is not a non-decommissioning loss,

(c) it is condition A in section 673 that is met, and

(d) the major change by reference to which that condition is met did not occur within a period of 3 years in which the change in ownership occurred.

(2) In this section—

• “non-decommissioning loss” is to be interpreted in accordance with section 303A;

• “ring fence trade” has the same meaning as in Part 8 (see section 277).]

Textual Amendments

F1 S. 674A inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 74