OT16450 - PRT: Allowable Losses

Transfer of Licence Interests

The following provisions of FA80/SCH17 deal with the treatment of losses where there is a transfer of a licence interest, namely

• FA80/SCH17/PARA7, transfer of unused losses by old participator to new, see OT18050
• FA80/SCH17/PARA14, surrender of new participator losses to old participator, see OT18120
• FA80/SCH17/PARA15, carry back of terminal losses, see OT18130.

A loophole in the OTA75/S6 rules relating to the calculation of an allowable unrelievable field loss (UFL) where there has been a transfer of field interest was closed by the amendments made by FA01/S101 and the enactment of FA01/SCH32, see OT16500.