[F1674ASection 674: exception for certain losses of ring fence tradeU.K.
This section has no associated Explanatory Notes
(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
F1S. 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