Part 14Change in company ownership

Chapter 3Company with investment business: restrictions on relief: general provision

Restrictions on relief

680Restriction on the carry forward of non-trading deficit from loan relationships

(1)

This section has effect for the purpose of restricting the carry forward of a non-trading deficit from the company's loan relationships under Part 5 of CTA 2009 (loan relationships).

(2)

Subsection (3) applies if the non-trading deficit in column 1 of row 4 of the table in section 685(2) is apportioned in accordance with section 685(2) to the first notional accounting period.

(3)

None of that non-trading deficit may be carried forward to—

(a)

the accounting period beginning immediately after the change in ownership, or

(b)

any subsequent accounting period.