Section 683 Disallowance of UK property business losses

(1)

This section has effect for the purpose of restricting relief under sections 62 and 63 for a loss made by the company in a UK property business before the change in ownership.

(2)

Relief under section 62(3) is available only in relation to each of the notional accounting periods considered separately.

(3)

A loss made in an accounting period beginning before the change in ownership may not be—

(a)

carried forward under section 62(5)(a) or 63(3)(a) to an accounting period ending after the change in ownership, or

(b)

treated in relation to that accounting period as mentioned in section 62(5)(b) or 63(3)(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)