Part 4Loss relief
Chapter 4Losses from property businesses
Carry-forward property loss relief
118Carry forward against subsequent property business profits
1
Relief is given to a person under this section if the person—
a
carries on a UK property business or overseas property business (alone or in partnership) in a tax year, and
b
makes a loss in the business in the tax year.
2
The relief is given by deducting the loss in calculating the person's net income for subsequent tax years (see Step 2 of the calculation in section 23).
3
But a deduction for that purpose is to be made only from profits of the business.
4
In calculating a person's net income for a tax year, deductions under this section from the profits of a business are to be made before deductions of any other reliefs from those profits.
5
No relief is to be given under this section so far as relief for the loss is given under section 120.
6
This section needs to be read with section 119 (how relief works).