Part 14Change in company ownership
Chapter 2Disallowance of trading losses
F1674ASection 674: exception for certain losses of ring fence trade
(1)
Section 674 does not prevent relief being given for a loss if—
(a)
the loss is made in a ring fence trade,
(b)
the loss is not a non-decommissioning loss,
(c)
it is condition A in section 673 that is met, and
(d)
the major change by reference to which that condition is met did not occur within a period of 3 years in which the change in ownership occurred.
(2)
In this section—
“non-decommissioning loss” is to be interpreted in accordance with section 303A;
“ring fence trade” has the same meaning as in Part 8 (see section 277).