Section 66 | Relief for losses made in overseas property business

(1)This section applies if, in an accounting period, a company carrying on an overseas property business makes a loss in the business.

(2)Relief for the loss is given to the company under this section.

(3)For this purpose—

(a)the loss is carried forward to subsequent accounting periods, and

(b)the profits of the business of any such period are reduced by the loss so far as it cannot be used under this paragraph to reduce the profits of the business of an earlier period.

(4)Relief under this section is subject to restriction or modification in accordance with provisions of the Corporation Tax Acts.