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Income Tax Act 2007

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This is the original version (as it was originally enacted).

Sideways relief: trade leasing allowances given to individuals

This section has no associated Explanatory Notes

23(1)This paragraph applies if—

(a)a person makes a loss (“the 2006-07 loss”) in a trade in the tax year 2006-07,

(b)relief under section 380 or 381 of ICTA is not available for the 2006-07 loss (or for part of it) because of section 384(6) of that Act,

(c)the person makes a loss (“the 2007-08 loss”) in the trade in the tax year 2007-08,

(d)(apart from this paragraph) relief under section 64 or 72 of this Act is not available for the 2007-08 loss (or for part of it) because of section 75 of this Act,

(e)the basis period for the tax year 2007-08 overlaps with the tax year 2006-07, and

(f)ignoring this Act, section 384(6) of ICTA would not have prevented relief under section 380 or 381 of that Act being available for the 2007-08 loss (or for the part).

(2)Section 75 of this Act is not to apply in relation to the 2007-08 loss (or to the part).

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