SCHEDULES

SCHEDULE 4 U.K. Relief for carried-forward losses

PART 9 U.K. Tax avoidance

Change in company ownership U.K.

73 (1) Section 674 (disallowance of trading losses) is amended as follows. U.K.

(2) In subsection (2), after “45” insert “ , 45B, 303B or 303D ”.

(3) After subsection (2) insert—

“(2A) No relief may be given under section 45A or 303C for a loss made by the company in an accounting period beginning before the change in ownership by carrying forward the loss and deducting it from a company's total profits of an accounting period ending after the change in ownership.”