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.