10 Property loss relief against general income: tax-generated agricultural expenses
Finance Act 2012 (2012 c 14) | Legislation

10  Property loss relief against general income: tax-generated agricultural expenses

(1)     Chapter 4 of Part 4 of ITA 2007 (losses from property businesses) is amended as follows.

(2)     In section 117(3) (overview of Chapter), for “section 127A” substitute “sections 127A and 127B”.

(3)     In section 120(7) (deduction of property losses from general income), at the end insert “and section 127B (no relief for tax-generated agricultural expenses)”.

(4)     After section 127A insert—

“127B No relief for tax-generated agricultural expenses

(1)     This section applies if—

(a)     in a tax year a person makes a loss in a UK property business

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