Corporation Tax Act 2010 section 102

Meaning of "UK property business loss"

Section 102 defines what counts as a "UK property business loss" for the purposes of surrendering losses as group relief.

• A UK property business loss is a loss made in a UK property business during the surrender period
• Losses brought forward from earlier periods and treated as made in the surrender period under loss relief rules are excluded
• Only current-year UK property business losses qualify for surrender as group relief
• Non-commercial property losses cannot be surrendered as group relief because they are not eligible for corporation tax relief outside the group relief rules