388. Property losses.

Where a company carrying on a UK property business1 makes a loss in the business in an accounting period2, relief for the loss is for the purposes of corporation tax given by deducting the loss from the company's total profits for that period3. So far as such a loss cannot be so deducted, it is, if the company continues to carry on the UK property business in the succeeding accounting period, to be carried forward to that period and treated for these purposes as a loss made by the company in the UK property business in that period4.

Where a