SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 9Tax avoidance

Restriction on refreshing losses

69

(1)

Section 730F of CTA 2010 (meaning of “relevant carried-forward loss”) is amended as follows.

(2)

In subsection (1)—

(a)

after paragraph (a) insert—

“(aa)

a carried-forward UK property business loss (see subsection (2A),”;

(b)

after paragraph (b) insert—

“(ba)

a carried-forward non-trading loss on intangible fixed assets (see subsection (3A),”.

(3)

In subsection (2)—

(a)

after “45” insert “ , 45A or 45B ”;

(b)

omit “against subsequent trade profits”.

(4)

In subsection (3), after “457” insert “ , 463G or 463H ”.

(5)

After subsection (2) insert—

“(2A)

“Carried-forward UK property business loss”, in relation to a company and an accounting period, means a loss in a UK property business carried on by the company which is carried forward from a previous accounting period under section 62(5).”

(6)

After subsection (3) insert—

“(3A)

“Carried-forward non-trading loss on intangible fixed assets”, in relation to a company and an accounting period, means a non-trading loss on intangible fixed assets which is carried forward from a previous accounting period under section 753 of CTA 2009 (treatment of non-trading losses).”

(7)

At the end insert—

“(5)

In this section “non-trading loss on intangible fixed assets” is to be read in accordance with Part 8 of CTA 2009.”