117Overview of ChapterU.K.
(1)This Chapter—
(a)provides for losses made in a UK property business or overseas property business in a tax year to be carried forward for deduction from profits in subsequent tax years (see sections 118 and 119),
(b)provides in limited circumstances for relief against general income for losses made in a UK property business or overseas property business (see sections 120 to 124), and
(c)provides for relief for certain post-cessation payments and events in connection with a UK property business (see section 125).
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(3)This Chapter also contains provision restricting relief under this Chapter (see [F4sections 127A [F5to 127C]]).]
Textual Amendments
F1S. 117(2) omitted (in relation to the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 3(2), 12(1) (with Sch. 5 paras. 15, 16, 18(4), 19)
F2S. 117(2A) omitted (in relation to the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 3(2), 12(1) (with Sch. 5 paras. 15, 16, 18(4), 19)
F3S. 117(3) inserted (8.4.2010 with effect in accordance with s. 25(5)-(7) of the amending Act) by Finance Act 2010 (c. 13), s. 25(2)
F4Words in s. 117(3) substituted (17.7.2012) (with effect in accordance with s. 10(5)-(7) of the amending Act) by Finance Act 2012 (c. 14), s. 10(2)
F5Words in s. 117(3) substituted (with effect in accordance with Sch. 17 para. 14 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 9(2)