Finance (No. 2) Act 2017

Restriction on refreshing losses

69 (1) Section 730F of CTA 2010 (meaning of “relevant carried-forward loss”) is amended as follows.

(2) In subsection (1)—

(a) after paragraph (a) insert—

“(aa) a carried-forward UK property business loss (see subsection (2A),”;

(b) after paragraph (b) insert—

“(ba) a carried-forward non-trading loss on intangible fixed assets (see subsection (3A),”.

(3) In subsection (2)—

(a) after “45” insert “, 45A or 45B”;

(b) omit “against subsequent trade profits”.

(4) In subsection (3), after “457” insert “, 463G or 463H”.

(5) After subsection (2) insert—

“(2A) “Carried-forward UK property business loss”, in relation to a company and an accounting period, means a loss in a UK property business carried on by the company which is carried forward from a previous accounting period under section 62(5).”

(6) After subsection (3) insert—

“(3A) “Carried-forward non-trading loss on intangible fixed assets”, in relation to a company and an accounting period, means a non-trading loss on intangible fixed assets which is carried forward from a previous accounting period under section 753 of CTA 2009 (treatment of non-trading losses).”

(7) At the end insert—

“(5) In this section “non-trading loss on intangible fixed assets” is to be read in accordance with Part 8 of CTA 2009.”