SCHEDULE 27 Community Investment Tax Relief
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 27 Community Investment Tax Relief

Section 74

Income tax: carry forward of relief

1

Part 7 of ITA 2007 (community investment tax relief) is amended as follows.

2

In section 335 (form and amount of CITR) in subsection (3) for “this purpose†substitute “the purposes of this section and section 335Aâ€.

3

After section 335 insert—

“335A Carry forward of CITR

(1)     This section applies if—

(a)     the investor is entitled to a tax reduction for a relevant tax year under section 335 in respect of the investment, but

(b)     the amount of the tax reduction is not fully deducted at Step 6 for that relevant tax year.

(2)     The amount (“the excess amountâ€) not deducted is treated as follows.

(3)     For each subsequent relevant tax year for which the investor—

(a)     is entitled to a tax reduction under section 335 in respect of the investment, and

(b)     makes a claim under this subsection,

the investor is also entitled to a tax reduction under this subsection which is given effect at Step 6.

(4)     The amount of the tax reduction under subsection (3) for any relevant tax year is

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