Income Tax Act 2007 section 117

Overview of Chapter

Section 117 provides an overview of the reliefs available for losses arising from UK or overseas property businesses.

• Losses from a UK or overseas property business in a tax year can be carried forward and deducted from property business profits in subsequent tax years
• In limited circumstances, property business losses may be set against the taxpayer's general income rather than just future property profits
• Relief is available for certain payments made and events occurring after a UK property business has ceased
• Specific provisions restrict the amount of relief that can be claimed under this chapter