Corporation Tax Act 2010 section 67

Overseas property business to be commercial or carried on for statutory functions

Section 67 restricts the availability of overseas property business loss relief under section 66, so that it only applies where the business is carried on commercially or under statutory functions.

• Loss relief under section 66 is only available for an overseas property business carried on commercially or in exercise of statutory functions.
• A business is only treated as carried on commercially if it aims to make a profit or there is a reasonable expectation of profit.
• Statutory functions include those conferred by UK legislation (including Acts of the Scottish Parliament) or the law of a territory outside the United Kingdom.
• If the way the business is carried on changes during an accounting period, it is treated as having been carried on throughout that period in the manner applying at the end of the period.