Section 676AK — Corporation Tax Act 2010: Restriction on use of post-1 April 2017 UK property business losses

Restriction on use of post-1 April 2017 UK property business losses 676AK 1 This section has effect for the purpose of restricting relief under sections 62 and 63 for a relevant UK property business loss made by the transferred company.

2 In this section “ relevant UK property business loss ” means a loss made in a UK property business in an accounting period beginning—

a on or after 1 April 2017, and b before the change in ownership.

3 In relation to a relevant UK property business loss, relief under section 62(3) is available only in relation to each of the notional accounting periods considered separately.

4 A relevant UK property business loss may not be deducted as a result of section 62(5) or 63(3) from affected profits of an accounting period ending after the change in ownership.