Section 117 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 117 1 This Chapter—

a provides for losses made in a UK property business or overseas property business in a tax year to be carried forward for deduction from profits in subsequent tax years (see sections 118 and 119),

b provides in limited circumstances for relief against general income for losses made in a UK property business or overseas property business (see sections 120 to 124),

and c provides for relief for certain post-cessation payments and events in connection with a UK property business (see section 125). 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 This Chapter also contains provision restricting relief under this Chapter (see sections 127A to 127C ).