Search Legislation

Corporation Tax Act 2010

Section 66: Relief for losses made in overseas property business

248.This section sets out the rules for relieving losses made in an overseas property business. It is based on section 392B of ICTA.

249.“Overseas property business” is defined in section 206 of CTA 2009. This definition is reproduced in order to avoid the need to cross-refer:

(a)

every business which the company carries on for generating income from land outside the United Kingdom, and

(b)

every transaction which the company enters into for that purpose otherwise than in the course of such a business.

250.Subsection (3) provides that a loss from an overseas property business may be carried forward and set against future profits of that business. Such profits do not include chargeable gains.

251.Subsection (6) provides that relief is subject to restriction or modification in accordance with provisions of the Corporation Tax Acts. Examples of such restrictions or modifications are to be found in:

  • Section 60 (meaning of “contribution to the LLP”); and

  • Chapter 7 of this Part (write off of government investment in a company).

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources