SCHEDULES
SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc
PART 3Commencement and transitional provisions
39Transitional provisions
1
This paragraph applies if—
a
on or after the commencement date a loss arises in connection with a loan relationship of a company,
b
the loss is wholly or partly referable to a time before the commencement date (“the pre-commencement time”), and
c
had the loss arisen at the pre-commencement time it would have been brought into account in accordance with Part 3 of ITTOIA 2005 in calculating the profits of the UK property business of the company.
2
Section 327 (disallowance of imported losses etc) does not apply in relation to so much of the loss as is referable to the pre-commencement time.