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Corporation Tax Act 2010

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Corporation Tax Act 2010, Section 62 is up to date with all changes known to be in force on or before 22 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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62Relief for losses made in UK property businessU.K.
This section has no associated Explanatory Notes

(1)This section applies if, in an accounting period, a company carrying on a UK property business makes a loss in the business.

(2)Relief for the loss is given to the company under this section.

(3)The relief is given by deducting the loss from the company's total profits of the accounting period.

(4)[F1Subsections (5) to (5C) apply] if—

[F2(a)an amount of the loss is not deducted as mentioned in subsection (3) or surrendered by way of group relief under Part 5,]

(b)the company continues to carry on the UK property business in the next accounting period.

(5)[F3The amount]

(a)is carried forward to the next accounting period, and

(b)is treated for the purposes of this section as a loss made by the company in the UK property business in that period.

[F4(5A)But relief under subsection (2) for the amount is given to the company in the next accounting period only on the making by the company of a claim.

(5B)A claim may relate to the whole of the amount or to part of it only.

(5C)A claim must be made—

(a)within the period of two years after the end of the next accounting period, or

(b)within such further period as an officer of Revenue and Customs may allow.

(5D)In the application of this section to an amount of a loss previously carried forward under subsection (5), the reference in subsection (4)(a) to group relief under Part 5 is to be read as a reference to group relief for carried-forward losses under Part 5A.]

(6)Relief under this section is subject to restriction or modification in accordance with provisions of the Corporation Tax Acts.

Textual Amendments

F1Words in s. 62(4) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 13(2)(a)

F2S. 62(4)(a) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 13(2)(b)

F3Words in s. 62(5) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 13(3)

F4S. 62(5A)-(5D) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 13(4)

Modifications etc. (not altering text)

C1S. 62 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(14)

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