Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
    Version 1 of 1    

663. Corporation tax: restriction of relief for losses in farming or market gardening.

(1) In this section -

"prior 3 years", in relation to a loss incurred in an accounting period, means the last 3 years before the beginning of the accounting period.

"prior period of loss" means the prior 3 years or, if losses were incurred in successive accounting periods amounting in all to a period longer than 3 years (and ending when the prior 3 years end), that longer period.

(2)

(a) Any loss incurred in a trade of farming or market gardening shall not be available for relief under section 396(2) unless it is shown that, for the accounting period in which the loss is claimed to have been incurred, the trade was being carried on on a commercial basis and with a view to the realisation of profits in the trade.

(b)

(i) In this paragraph, "loss computed without regard to capital allowances" means a loss ascertained in accordance with the rules of Case I of Schedule D but so that, notwithstanding sections 307 and 308, no account shall be taken of any allowance or charge which otherwise

Comparing proposed amendment...