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Finance Act 1980
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7(1)There shall be transferred to the new participator the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of any loss which the Board have determined under Schedule 2 has accrued to the old participator from the field [F1in the transfer period or any earlier chargeable period] to the extent that it has not been relieved against assessable profits accruing to him in the transfer period or an earlier chargeable period.U.K.
(2)Any amount of a loss transferred to the new participator under this paragraph may be relieved under section 7 against assessable profits accruing to the new participator in the transfer period or a later chargeable period and shall not be set off against assessable profits of the old participator [F1and, for the purposes of effecting such relief, subsection (1) of section 7 shall have effect as if the word “succeeding” were omitted].
Textual Amendments
F1Finance Act 1983 (c. 28), s. 41 in relation to transfer periods (see Sch. 17 Pt. I para. 1, ante) ending after 31 December 1982.
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