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Corporation Tax Act 2010

Section 701: Disallowance of overseas property business losses

2176.This section restricts relief for the company’s overseas property business loss in cases in which this Chapter applies. It is based on section 768D of ICTA.

2177.Section 768D(9) of ICTA has to be read as implying that, in a case in which section 768D of ICTA applies in relation to an overseas property business, references to section 392A of ICTA have to be read as references to the corresponding provisions of section 392B of that Act. Otherwise section 768D of that Act applies in such a case but does not actually do anything. Subsections (1) and (3) therefore refer to section 66, which is based on section 392B of ICTA.

2178.Subsection (2) includes a minor change in the law. See Change 50 in Annex 1 and the commentary on section 700.

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