Section 127BA Restriction of relief: cash basisF1
(1)
This section applies if—
(a)
in a tax year a person makes a loss in a UK property business or overseas property business (whether carried on alone or in partnership), and
(b)
the profits of the business are calculated on the cash basis for the tax year (see section 271D of ITTOIA 2005).
(2)
No property loss relief against general income may be given to the person for the loss.
Annotations
Textual amendments
- F1
S. 127BA inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 62(3)
Notes on Restrictions on relief
Textual amendments
- F1
S. 127A and cross-heading inserted (8.4.2010 with effect in accordance with s. 25(5)-(7) of the amending Act) by Finance Act 2010 (c. 13), s. 25(4)