Section 676AK | Restriction on use of post-1 April 2017 UK property business losses

(1)This section has effect for the purpose of restricting relief under sections 62 and 63 for a relevant UK property business loss made by the transferred company.

(2)In this section “relevant UK property business loss” means a loss made in a UK property business in an accounting period beginning—

(a)on or after 1 April 2017, and

(b)before the change in ownership.

(3)In relation to a relevant UK property business loss, relief under section 62(3) is available only in relation to each of the notional accounting periods considered separately.

(4)A relevant UK property business loss may not be deducted as a result of section 62(5) or 63(3) from affected profits of an accounting period ending after the change in ownership.