In limited circumstances, a person can claim to have a UK property business loss or an overseas property business loss set against general income in the loss-making year or the following year, or partly in both.

(ITA 2007, s. 120–124 ).

This is subject to three anti-avoidance provisions (see ¶303-240). There is also Finance Act 2013 restriction – the ‘cap’ on reliefs generally – noted below.

Type of loss eligible

The relief is available if in a tax year (‘the loss-making year’) the person makes a loss in a UK or overseas property business (whether carried on alone or in partnership) and either:

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