Part 14

Change in company ownership
Chapter 2

Disallowance of trading losses

Section 674: exception for certain losses of ring fence trade
674A
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).
S. 674A 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. 74
Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20
Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)