SCHEDULES

SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

PART 3Commencement and transitional provisions

47Transitional provisions

1

This paragraph applies if—

a

before the commencement date a company incurs expenditure for the purposes of a UK property business it is about to carry on,

b

the company begins to carry on the business on or after the commencement date, and

c

when the company begins to carry on the business it is non-UK resident.

2

Subsection (7) of section 1147 of CTA 2009 (which enables a company to obtain relief for expenditure on contaminated or derelict land incurred prior to carrying on a UK property business) does not apply in relation to the expenditure.