PM247000 | Transitional provisions

The rules in paragraph 14, Schedule 17 FA 2014 apply for losses made in 2014-15 and later years.

There are transitional provisions that apply if a loss arises in a period of account that begins before 6 April 2014 and ends on or after that date.

The excess loss allocation rules apply to the period from 6 April 2014; they do not apply to the period up to 5 April 2014.

In these cases, the loss is to be apportioned on a time basis between the period up to 5 April 2014 and the period from 6 April 2014.

If allocation by time basis produces a result that is unjust or unreasonable, then the loss is to be allocated to the periods on a just and reasonable basis.