Point in time view as at 24/02/2022.
Corporation Tax Act 2010, Section 676AF is up to date with all changes known to be in force on or before 10 June 2025. 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.
[F2(1)A loss made by the transferred company in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the following provisions—
(a)section 45A(5) (carry-forward of post-1 April 2017 trade losses),
(b)section 45F(3) (carried-forward losses: terminal relief),
(c)section 303C(3) (excess carried-forward non-decommissioning losses of ring fence trade), and
(d)section 124B(3) of FA 2012 (excess carried-forward BLAGAB trade losses).]
[F3(2)A loss made by another company (“the predecessor company”) in an accounting period beginning before the change in ownership may not be deducted from affected profits of an accounting period ending after the change in ownership under any of the provisions mentioned in paragraphs (a) to (c) of subsection (1) (as applied by virtue of Chapter 1 of Part 22 (transfers of trades)).]]
Textual Amendments
F1Pt. 14 Ch. 2A 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. 75
F2S. 676AF renumbered as s. 676AF(1) (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(a)
F3S. 676AF(2) inserted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by Finance Act 2019 (c. 1), Sch. 10 para. 29(b)
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