Income and Corporation Taxes Act 1970

3 (1) Subject to sub-paragraph (2) below, section 84 of this Act has effect—

(a) as respects a lease granted after 12th June 1969, and

(b) so far as it relates to section 80(4) of this Act, as respects a variation or waiver the contract for which is entered into after that date.

(2) So far as relates to relief under—

(a) section 171 or section 177(1) of this Act (carry forward of trading losses), or

(b) section 168(1) of this Act as applied by subsection (2) of the same section (set-off of trading loss against general income of succeeding year), or

(c) section 72(1) of this Act (sums deductible from rent), given by setting a loss against, or making a deduction from, income of—

(i) the year 1969-70 or any subsequent year of assessment, or

(ii) a company's accounting period ending after 5th April 1969,

the said section 84 shall be deemed to have had effect as from the passing of the [1963 c. 25.] Finance Act 1963, and as respects leases granted at any time.

(3) In applying sub-paragraph (2) above it shall be assumed—

(a) that all relief which could not be affected by the operation of that sub-paragraph was given (for all years of assessment and accounting periods before or after the passing of this Act) before relief which could be affected by the operation of that sub-paragraph, and

(b) that, in particular, any loss which would not have been sustained if the said section 84 had always had effect was postponed to any other loss in giving relief against income of a year of assessment before the year 1969-70, or of a company's accounting period ending on or before 5th April 1969.

This sub-paragraph shall have effect notwithstanding the provisions of section 77 of this Act or any other enactment governing the order in which reliefs are given.

(4) All such adjustments shall be made, whether by way of assessment or discharge or repayment of tax, as are required to give effect to the said section 84 with this paragraph.