Section 676AF | Restriction on use of carried-forward post-1 April 2017 trade losses

(1)A loss made by the transferred company in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the following provisions—

(a)section 45A(5) (carry-forward of post-1 April 2017 trade losses),

(b)section 45F(3) (carried-forward losses: terminal relief),

(c)section 303C(3) (excess carried-forward non-decommissioning losses of ring fence trade), and

(d)section 124B(3) of FA 2012 (excess carried-forward BLAGAB trade losses).

(2)A loss made by another company (“the predecessor company”) in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the provisions mentioned in paragraphs (a) to (c) of subsection (1) (as applied by virtue of Chapter 1 of Part 22 (transfers of trades)).