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Corporation Tax Act 2010

Section 888: Restrictions on leasing partnership losses

2631.This section restricts the use of losses incurred by a company in the partnership leasing business. It is based on sections 785ZA(5) to (9) and 785ZB(1), (7) and (8) of ICTA.

2632.A loss which derives from capital allowances on the leased plant or machinery may only be set off against the company’s income from leases of plant or machinery entered into by the partnership no later than the end of the accounting period in which the loss is incurred. It can be carried forward, but only against such leasing income (see subsection (2)). It cannot be set sideways (see subsection(3)) or surrendered as group relief (see subsection (4)).

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