Introduction Overview Overview Section 705: Company carrying on overseas property business
2190.This section restricts relief for the company’s overseas property business loss in cases in which this Chapter applies. It is based on section 768D of ICTA, and has a similar structure to section 704 of this Act.
2191.Section 768D(9) of ICTA has to be read as implying that, in a case in which section 768D applies in relation to an overseas property business, references to section 392A of ICTA have to be read as references to the corresponding provisions of section 392B of that Act. Otherwise section 768D of that Act applies in such a case but does not actually do anything. Subsections (4) and (8) therefore refer to section 66, which is based on section 392B of ICTA.
2192.Section 768D(5) of ICTA can have no application in relation to an overseas property business, and is therefore not rewritten in this section.