Section 676AF Restriction on use of carried-forward post-1 April 2017 trade lossesF1
United Kingdom
A loss made by the transferred company in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the following provisions—
section 45A(5) (carry-forward of post-1 April 2017 trade losses),
section 45F(3) (carried-forward losses: terminal relief),
section 303C(3) (excess carried-forward non-decommissioning losses of ring fence trade), and
section 124B(3) of FA 2012 (excess carried-forward BLAGAB trade losses).
A loss made by another company (“the predecessor company”) in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the provisions mentioned in paragraphs (a) to (c) of subsection (1) (as applied by virtue of Chapter 1 of Part 22 (transfers of trades)).
Annotations
Textual amendments
- F1
Pt. 14 Ch. 2A inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75
- F2
S. 676AF renumbered as s. 676AF(1) (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(a)
- F3
S. 676AF(2) inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(b)
Notes on Part 14
Modifications
- C1
Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20
- C2
Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)