Part 5 Losses (Except Losses on Disposal of Shares)
Income Tax Act 2007 (2007 c 3) | Legislation

Part 5 Losses (Except Losses on Disposal of Shares)

General: carry forward loss reliefs

18

(1)     The repeal by this Act of the superseded carry forward provisions does not alter the effect of those provisions so far as they determine—

(a)     whether, and

(b)     to what extent,

relief for any loss made (or treated as made) in a tax year before the tax year 2007–08 is to be given for the tax year 2007–08 or any subsequent tax year.

(2)     But any relief for the loss (or any part of the loss) which is given for the tax year 2007–08 or any subsequent tax year is to be given in accordance with the relevant provisions of Part 4 of this Act.

(3)     In this paragraph “the superseded carry forward provisions†means—

(a)     sections 379A and 379B of ICTA (carry forward of loss in Schedule A business or overseas property business),

(b)     sections 385, 387, 390 and 391 (so far as applying to section 385) of ICTA (carry forward of loss in trade, profession or vocation),

(c)     section 392(2)(b) and (5) of ICTA (carry forward of miscellaneous loss), and

(d)     any provision inserting or amending, or affecting the

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Direct discrimination

Direct discriminationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

Grounds of appeal—introducing new evidence

Grounds of appeal—introducing new evidenceCoronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. The

LEXISNEXIS

Escrow accounts and escrow agreements

Escrow accounts and escrow agreementsThis Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions

LEXISNEXIS

Criminal damage

Criminal damageGeneralSimple criminal damage is triable either way unless the value of the alleged damage is £5,000 or less, in which case the offence will be treated as if it were triable only summarily.Where the damage is caused by fire or the racially aggravated form of the offence is charged,