IntroductionU.K.
117Overview of ChapterU.K.
(1)This Chapter—
(a)provides for losses made in a UK property business or overseas property business in a tax year to be carried forward for deduction from profits in subsequent tax years (see sections 118 and 119),
(b)provides in limited circumstances for relief against general income for losses made in a UK property business or overseas property business (see sections 120 to 124), and
(c)provides for relief for certain post-cessation payments and events in connection with a UK property business (see section 125).
(2)This Chapter also makes provision for a UK property business which consists of, or so far as it includes, the commercial letting of furnished holiday accommodation to be treated as a trade for the purposes of this Part (see section 127).
[F1(2A)This Chapter also makes provision for an overseas property business which consists of, or so far as it includes, the commercial letting of furnished holiday accommodation in one or more EEA states to be treated as a trade for the purposes of this Part (see section 127ZA).]
[F2(3)This Chapter also contains provision restricting relief under this Chapter (see [F3sections 127A [F4to 127C]]).]
Textual Amendments
F1S. 117(2A) inserted (19.7.2011) (with effect in accordance with Sch. 14 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 3(2)
F2S. 117(3) inserted (8.4.2010 with effect in accordance with s. 25(5)-(7) of the amending Act) by Finance Act 2010 (c. 13), s. 25(2)
F3Words in s. 117(3) substituted (17.7.2012) (with effect in accordance with s. 10(5)-(7) of the amending Act) by Finance Act 2012 (c. 14), s. 10(2)
F4Words in s. 117(3) substituted (with effect in accordance with Sch. 17 para. 14 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 9(2)