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.