Schedules

F1SCHEDULE A1First-year tax credits

Annotations:
Amendments (Textual)
F1

Sch. A1 inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 5

Part 1Entitlement to first-year tax credits

Unrelieved loss

13

1

This paragraph applies where the qualifying activity is an overseas property business and paragraph 14 does not apply.

2

The amount of the loss that is unrelieved is the amount of the loss, reduced by any amount set off against the loss under section 400 of ICTA (write-off of government investment).

3

For this purpose, no account is to be taken of any losses brought forward from an earlier chargeable period under section 392B(1) of ICTA.