Income Tax Act 2007

Supplementary U.K.

[F1 154A Anti-avoidance U.K.

(1) Subsection (2) applies if—

(a) a person makes a loss in a relevant transaction, and

(b) that loss arises directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements.

(2) The person is not to be given loss relief under section 152 for the loss.

(3) Subsection (4) applies if—

(a) a person has income on which income tax is chargeable under, or by virtue of, a relevant section 1016 provision, and

(b) that income arises directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements.

(4) The person is not to be given loss relief against that income under section 152.

(5) In this section “relevant tax avoidance arrangements” means arrangements—

(a) to which the person is party, and

(b) the main purpose, or one of the main purposes, of which is to obtain a reduction in tax liability by means of loss relief under section 152.

(6) In subsection (5) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).]

Textual Amendments

F1 S. 154A inserted (with effect and application in accordance with s. 22(9)-(11) of the amending Act) by Finance Act 2015 (c. 11), s. 22(5)

155 Time limit for claiming relief U.K.

(1) So far as a claim for loss relief against [F2 relevant] miscellaneous income concerns the amount of the loss for a tax year, it must be made [F3 not more than 4 years after the end of] the tax year.

(2) But—

(a) the question whether, and

(b) if so, how much,

loss relief against [F2 relevant] miscellaneous income should be given for a tax year may be the subject of a separate claim made [F4 not more than 4 years after the end of] the tax year.

Textual Amendments

F2 Word in s. 155(1)(2) inserted (with effect and application in accordance with s. 22(8) of the amending Act) by Finance Act 2015 (c. 11), s. 22(6)

F3 Words in s. 155(1) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 58; S.I. 2009/403, art. 2(2) (with art. 10)

F4 Words in s. 155(2) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 58; S.I. 2009/403, art. 2(2) (with art. 10)