Section 674A | Section 674: exception for certain losses of ring fence trade

(1)Section 674 does not prevent relief being given for a loss if—

(a)the loss is made in a ring fence trade,

(b)the loss is not a non-decommissioning loss,

(c)it is condition A in section 673 that is met, and

(d)the major change by reference to which that condition is met did not occur within a period of 3 years in which the change in ownership occurred.

(2)In this section—

“non-decommissioning loss” is to be interpreted in accordance with section 303A;

“ring fence trade” has the same meaning as in Part 8 (see section 277).