Corporation Tax Act 2010 (c. 4)

Part 14 U.K. Change in company ownership

[F1 CHAPTER 2A U.K. Post-1 April 2017 losses: Further cases involving a change in the company's activities

Textual Amendments

F1 Pt. 14 Ch. 2A 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. 75

676AF Restriction on use of carried-forward post-1 April 2017 trade losses U.K.

[F2 (1) A loss made by the transferred company in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the following provisions—

(a) section 45A(5) (carry-forward of post-1 April 2017 trade losses),

(b) section 45F(3) (carried-forward losses: terminal relief),

(c) section 303C(3) (excess carried-forward non-decommissioning losses of ring fence trade), and

(d) section 124B(3) of FA 2012 (excess carried-forward BLAGAB trade losses).]

[F3 (2) A loss made by another company (“the predecessor company”) in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the provisions mentioned in paragraphs (a) to (c) of subsection (1) (as applied by virtue of Chapter 1 of Part 22 (transfers of trades)).]]

Textual Amendments

F2 S. 676AF renumbered as s. 676AF(1) (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(a)

F3 S. 676AF(2) inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(b)