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Corporation Tax Act 2010

Section 102: Meaning of “UK property business loss”

362.This section explains which property income losses are available for relief. It is based on section 403ZD(3) of ICTA.

363.Subsection (1) is the link to the basic rule in section 99(1)(e).

364.Subsection (2) makes clear that a loss brought forward under the loss relief rules (see Part 4) is not available even though those rules treat the loss as made in the surrender period.

365.A non-commercial property loss is not eligible for relief under the loss relief rules (see Part 4). So it is not “eligible for corporation tax relief (apart from this Part)” – see section 99(2). It follows that such a loss may not be surrendered as group relief and there is no need to rewrite section 403ZD(3)(b) of ICTA.

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