672Overview of PartU.K.
(1)Chapter 2 restricts relief for trading losses in some cases where there is a change in the ownership of a company.
[F1(1A)Chapter 2A restricts relief in some further cases involving a change in the company's activities.
(1B)Chapter 2B restricts relief for trading losses in some cases involving the transfer of an asset.
(1C)Chapters 2C and 2D restrict group relief for carried-forward losses in some cases.
(1D)Chapter 2E restricts relief for trading losses in some cases involving the transfer of a trade.]
(2)Chapters 3 and 4 restrict relief in some cases where there is a change in the ownership of a company with investment business.
(3)Chapter 5 restricts relief for property losses in some cases where there is a change in the ownership of a company without investment business.
[F2(3A)Chapter 5A restricts relief for certain non-trading deficits and losses where there is a change of ownership of a shell company.]
(4)Chapter 6 enables unpaid corporation tax to be recovered from a linked person in some cases where there is a change in the ownership of a company.
(5)Chapter 8 contains supplementary provision.
(6)See also Chapter 7 of Part 22 (recovery of unpaid corporation tax due from non-UK resident company).
(7)For the meaning of—
(a)“change in the ownership of a company”, see Chapter 7,
(b)“company with investment business”, see section 729, F3...
[F4(ba)shell company”, see section 705A, and]
(c)“linked” person, see section 706.
Textual Amendments
F1S. 672(1A)-(1D) 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. 71
F2S. 672(3A) inserted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 13 para. 1(2)(a)
F3Word in s. 672(7)(b) omitted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 13 para. 1(2)(b)
F4S. 672(7)(ba) inserted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 13 para. 1(2)(b)