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Taxes Consolidation Act 1997 section 401
Change in ownership of company: disallowance of trading losses
Section 401 counters the tax-avoidance practice known as "loss buying" by denying carry-forward relief for trading losses, certain capital allowances, and interest limitation spare capacity where there is a change in company ownership combined with a major change in trade activities, or where ownership changes while the trade is near dormant.
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