Sideways relief: trade leasing allowances given to individualsU.K.
23(1)This paragraph applies if—U.K.
(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).