Income Tax Act 2007

the starting rate,

the basic rate, and

the higher rate.

section 7 (savings rate),

section 8 (dividend ordinary rate and dividend upper rate), and

section 9 (trust rate and dividend trust rate).

is savings income, and

would otherwise be charged at the basic rate.

is dividend income,

would otherwise be charged at the starting or basic rate, and

is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

is dividend income, and

would otherwise be charged at the higher rate.

is dividend income,

would otherwise be charged at the basic rate, and

is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

section 491 (special rates not to apply to first slice of trustees’ trust rate income), and

sections 535 to 537 of ITTOIA 2005 (gains from contracts for life insurance etc: top slicing relief).

the savings income and dividend income are together treated as the highest part of the person’s total income, and

the dividend income is treated as the higher part of that part of the person’s total income.

the rules in this section, and

other rules requiring particular income to be treated as the highest part of a person’s total income.

which is within subsection (3) or (4), and

which is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

income chargeable under Chapter 2 of Part 4 of ITTOIA 2005 (interest),

income chargeable under Chapter 7 of Part 4 of ITTOIA 2005 (purchased life annuity payments), other than income from annuities specified in section 718(2) of that Act (annuities purchased from certain life assurance premium payments or under wills etc),

income chargeable under Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities), or

income chargeable under Chapter 2 of Part 12 of this Act (accrued income profits).

it is chargeable under Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc), and

an individual is, or personal representatives are, liable for income tax on it (under section 465 or 466 of that Act).

chargeable under Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc from UK resident companies),

chargeable under Chapter 4 of that Part (dividends from non-UK resident companies),

chargeable under Chapter 5 of that Part (stock dividends from UK resident companies),

chargeable under Chapter 6 of that Part (release of loan to participator in close company), or

a relevant foreign distribution chargeable under Chapter 8 of Part 5 of ITTOIA 2005 (income not otherwise charged).

is not chargeable under Chapter 4 of Part 4 of ITTOIA 2005, but

would be chargeable under Chapter 3 of that Part if the company were UK resident.

section 414(2) (gift aid relief), and

section 192(4) of FA 2004 (relief for pension contributions).

sections 35, 36 and 37 deal with entitlement to a personal allowance,

section 38 deals with entitlement to a blind person’s allowance, and

section 39 deals with the transfer of part of a blind person’s allowance to a spouse or civil partner.

is 65 or over at some time in the tax year, but under 75 throughout the tax year, and

meets the requirements of section 56 (residence etc).

is reduced by half the excess, but

is not reduced below the amount of a personal allowance under section 35.

is 75 or over at some time in the tax year, and

meets the requirements of section 56 (residence etc).

is reduced by half the excess, but

is not reduced below the amount of a personal allowance under section 35.

meets the first or second condition for the whole or part of the tax year, and

meets the requirements of section 56 (residence etc).

the individual is ordinarily resident in Scotland or Northern Ireland, and

because of the individual’s blindness, the individual is unable to do any work for which eyesight is essential.

became registered as a blind person in a register kept under section 29 of the National Assistance Act 1948 in the tax year, but

obtained the evidence of blindness on the basis of which the registration was made in the preceding tax year,

the individual is a person whose spouse or civil partner is living with the individual for the whole or any part of the tax year, and

the spouse or civil partner meets the requirements of section 56 (residence etc).

the allowance exceeds the individual’s remaining relievable income,

the individual makes an election, and

the individual’s spouse or civil partner makes a claim,

taking the amount of the individual’s net income, and

subtracting any personal allowance to which the individual is entitled for the tax year.

must be made on or before the fifth anniversary of the normal self-assessment filing date for the tax year to which it relates, and

cannot be withdrawn.

section 45 (marriages before 5 December 2005),

section 46 (marriages and civil partnerships on or after 5 December 2005),

section 47 (election by individual to transfer relief under section 45 or 46),

section 48 (joint election to transfer relief under section 45 or 46),

section 49 (election for partial transfer back of relief),

section 51 (transfer of unused relief), and

section 52 (transfer back of unused relief).

must be made jointly by the parties to the marriage,

must be made before the first tax year for which it is to be in force,

continues in force in each subsequent tax year, and

cannot be withdrawn.

makes a claim for a tax year, and

meets the conditions set out in subsection (2),

for the whole or part of the tax year he is married and his wife is living with him,

the marriage took place before 5 December 2005 and no election for the new rules to apply is in force for the tax year,

he or his wife was born before 6 April 1935, and

he meets the requirements of section 56 (residence etc).

£6,135, if either the man or his wife is aged 75 or over at some time in the tax year, and

£6,065, in any other case.

half the excess, less

any reduction in his personal allowance under section 36(2) or 37(2).

makes a claim for a tax year, and

meets the conditions set out in subsection (2),

for the whole or part of the tax year the individual is married or in a civil partnership and is living with the spouse or civil partner,

the marriage took place, or the civil partnership was formed, on or after 5 December 2005 or, if the marriage took place before that date, an election for the new rules to apply is in force for the tax year,

the individual, or the spouse or civil partner, was born before 6 April 1935,

the individual meets the requirements of section 56 (residence etc), and

the individual’s net income for the tax year exceeds that of the spouse or civil partner or, if they have the same amount of net income for the tax year, the individual is specified in an election as the person to be entitled to relief under this section for the year.

£6,135, if either the individual, or the spouse or civil partner, is aged 75 or over at some time in the tax year, and

£6,065, in any other case.

half the excess, less

any reduction in the individual’s personal allowance under section 36(2) or 37(2).

is to be made jointly by the parties to the marriage or civil partnership, and

is to be made on or before the fifth anniversary of the normal self-assessment filing date for the tax year to which the election relates.

an individual’s spouse or civil partner is entitled to a tax reduction under section 45 or 46 for a tax year, and

the individual meets the conditions set out in subsection (2),

has made an election which is in force for the tax year,

makes a claim, and

meets the requirements of section 56 (residence etc).

if the individual’s spouse is entitled to a tax reduction under section 45, the amount specified in section 45(3)(a) or (b) (as applicable), after any reductions under section 45(4) and 54(2), or

if the individual’s spouse or civil partner is entitled to a tax reduction under section 46, the amount specified in section 46(3)(a) or (b) (as applicable), after any reductions under sections 46(4) and 54(2).

an individual’s spouse or civil partner is entitled to a tax reduction under section 45 or 46 for a tax year, and

the conditions set out in subsection (2) are met,

the individual and the individual’s spouse or civil partner have made a joint election which is in force for the tax year,

the individual makes a claim, and

the individual meets the requirements of section 56 (residence etc).

if the individual’s spouse is entitled to a tax reduction under section 45, the amount specified in section 45(3)(a) or (b) (as applicable), after any reductions under section 45(4) and 54(2), or

if the individual’s spouse or civil partner is entitled to a tax reduction under section 46, the amount specified in section 46(3)(a) or (b) (as applicable), after any reductions under sections 46(4) and 54(2).

has made an election which is in force for the tax year, and

makes a claim,

must, except in the cases dealt with by subsection (3), be made before the first tax year in which it is to be in force, and

continues in force in each subsequent tax year until it is withdrawn.

may be made in the first tax year in which it is to be in force if that is the tax year in which the marriage takes place or the civil partnership is formed, and

may be made in the first 30 days of the first tax year in which it is to be in force if appropriate notice is given before the tax year.

a notice given by the individual or individuals by whom the election was made, or

a subsequent election under section 47, 48 or 49.

must be given to an officer of Revenue and Customs, and

must be in the form specified by the Commissioners for Her Majesty’s Revenue and Customs.

an individual’s spouse or civil partner is entitled to a tax reduction under section 45 or 46 for a tax year,

the spouse or civil partner’s MCA tax reductions are greater than the spouse or civil partner’s comparable tax liability, and

the conditions set out in subsection (4) are met,

the tax reduction to which the spouse or civil partner is entitled under section 45 or 46, and

any tax reduction under section 49 to which the spouse or civil partner is entitled for the tax year.

the spouse or civil partner’s MCA tax reductions, less

the spouse or civil partner’s comparable tax liability.

the spouse or civil partner gives notice to an officer of Revenue and Customs that subsection (1) is to apply for the tax year,

the individual makes a claim, and

the individual meets the requirements of section 56 (residence etc).

an individual’s spouse or civil partner is entitled to a tax reduction under section 47 or 48 for a tax year,

the tax reduction is greater than the spouse or civil partner’s comparable tax liability, and

the conditions set out in subsection (3) are met,

the tax reduction to which the spouse or civil partner is entitled, less

the spouse or civil partner’s comparable tax liability.

the spouse or civil partner gives notice to an officer of Revenue and Customs that subsection (1) is to apply for the tax year, and

the individual makes a claim.

section 788 of ICTA (double taxation arrangements: relief by agreement), or

section 790(1) of ICTA (relief for foreign tax where there are no double taxation arrangements).

must be given on or before the fifth anniversary of the normal self-assessment filing date for the tax year to which it relates,

must be in the form specified by the Commissioners for Her Majesty’s Revenue and Customs, and

cannot be withdrawn.

gets married or enters into a civil partnership in a tax year, and

claims a tax reduction under section 45 or 46 for that tax year.

the marriage took place, or

the civil partnership was formed.

the individual has previously been married or in a civil partnership in the same tax year, and

the conditions in section 45(2) or 46(2) are met in relation to the earlier marriage or civil partnership,

the marriage took place, or

the civil partnership was formed.

provides for trade loss relief against general income (see sections 64 to 70),

provides for early trade losses relief (see sections 72 to 74),

contains provision restricting both those reliefs (see sections 75 to 82),

provides for carry-forward trade loss relief (see sections 83 to 88),

provides for terminal trade loss relief (see sections 89 to 94),

contains restrictions on the above reliefs for trades, professions and vocations carried on wholly outside the United Kingdom (see section 95), and

provides for post-cessation trade relief (see sections 96 to 100).

section 17 of ITTOIA 2005 (effect of becoming or ceasing to be a UK resident), and

section 852(6) and (7) of ITTOIA 2005 (corresponding rule in the case of a trade or profession carried on by a firm).

trade loss relief against general income, or

early trade losses relief.

any reference to a person making a claim for relief for a loss made in a trade or profession is to the partner making a claim for relief for a loss made in the partner’s notional trade,

any reference to a basis period for a tax year is to the basis period for the partner’s notional trade for the tax year,

any reference to the profits or losses of a partner’s notional trade of a tax year is to the partner’s share of the firm’s profits or losses of the trade or profession treated for the purposes of Chapter 15 of Part 2 of ITTOIA 2005 as the profits or losses of the partner’s notional trade in the basis period for the tax year,

any reference to a person starting to carry on a trade or profession is to the partner starting to carry on the notional trade in accordance with section 852(2) or (3) of ITTOIA 2005, and

any reference to a person permanently ceasing to carry on a trade or profession is to the partner permanently ceasing to carry on the notional trade in accordance with section 852(4) to (6) of ITTOIA 2005.

carries on a trade in a tax year, and

makes a loss in the trade in the tax year (“the loss-making year”).

for the loss-making year,

for the previous tax year, or

for both tax years.

section 65 (how relief works),

sections 66 to 70 (restrictions on the relief),

sections 75 to 79 (restrictions on the relief and early trade losses relief in relation to capital allowances),

section 80 (restrictions on those reliefs in relation to ring fence income),

section 81 (restrictions on those reliefs in relation to dealings in commodity futures), and

section 734 of ICTA (restrictions on those reliefs in relation to bond-washing).

makes a claim for trade loss relief against general income (“the first claim”) in relation to the loss-making year, and

makes a separate claim in respect of a loss made in the following tax year in relation to the same tax year as the first claim.

a claim for trade loss relief against general income, or

a claim for employment loss relief against general income under section 128.

on a commercial basis, and

with a view to the realisation of profits of the trade.

the carrying on of the trade forms part of, and is ancillary to, a larger trading undertaking,

the farming or market gardening activities meet the reasonable expectation of profit test (see section 68), or

the trade was started, or treated as started, at any time within the 5 tax years before the current tax year (see section 69 below, as well as section 17 of ITTOIA 2005).

a competent person carrying on the activities in the current tax year would reasonably expect future profits (see subsection (4)), but

a competent person carrying on the activities at the beginning of the prior period of loss (see subsection (5)) could not reasonably have expected the activities to become profitable until after the end of the current tax year.

the nature of the whole of the activities, and

the way in which the whole of the activities were carried on in the current tax year.

the 5 tax years before the current tax year, or

if losses in the trade, calculated without regard to capital allowances, were also made in successive tax years before those 5 tax years (see section 70), the period comprising both the successive tax years and the 5 tax years.

the trade is treated as permanently ceasing to be carried on, and

a new trade is treated as starting to be carried on,

a company of which either one of them has control, or

a company of which both have control.

a company of which either of the civil partners has control, or

a company of which both have control.

the profits or losses of periods of account of the trade (calculated for income tax purposes, but without regard to capital allowances), or

if (as a result of section 69) a person claiming the relief is treated as the same person as a company within the charge to corporation tax, the profits or losses of the company’s accounting periods (calculated for corporation tax purposes, but without regard to capital allowances),

a period of account does not coincide with a tax year, or

an accounting period does not coincide with a tax year,

the allowances treated as expenses of the trade under CAA 2001, and

the charges treated as receipts of the trade under that Act.

in the tax year in which the trade is first carried on by the individual, or

in any of the next 3 tax years.

section 73 (how relief works),

section 74 (restrictions on the relief),

sections 75 to 79 (restrictions on the relief and trade loss relief against general income in relation to capital allowances),

section 80 (restrictions on those reliefs in relation to ring fence income),

section 81 (restrictions on those reliefs in relation to dealings in commodity futures), and

section 734 of ICTA (restrictions on those reliefs in relation to bond-washing).

on a commercial basis, and

in such a way that profits of the trade could reasonably be expected to be made in the basis period or within a reasonable time afterwards.

the individual first carries on the trade at a time when the individual has a spouse or civil partner and is living with the spouse or civil partner,

the spouse or civil partner previously carried on the trade, and

the loss is made in a tax year falling after the relevant 4 year period.

the tax year in which the spouse or civil partner first carried on the trade, and

the next 3 tax years.

expenditure incurred on the provision of plant or machinery for leasing in the course of a trade, or

expenditure incurred on the provision for the purposes of a trade of an asset which is not to be leased but which is fee-producing.

royalties, or

licence fees,

for a continuous period of at least 6 months beginning or ending in the loss-making basis period (if the individual starts or permanently ceases to carry on the trade in the tax year (or does both)), or

throughout the loss-making basis period (in any other case).

the first-year allowance is in respect of expenditure incurred at any time on the provision of plant or machinery for leasing in the course of a qualifying activity, and

either the qualifying activity was at that time carried on by the individual in partnership with a company or arrangements have been made with a view to the activity being so carried on.

if the firm includes other partners, or

when the arrangements were made.

letting a ship on charter is treated as leasing the ship, and

references to making arrangements include effecting schemes.

the first-year allowance is made in connection with a relevant qualifying activity or a relevant asset (see subsections (2) and (3)), and

arrangements within subsection (4) have been made.

at the time when the expenditure was incurred, the activity was carried on by the individual as a partner in a firm, or

at a later time, it has been carried on by the individual as a partner in a firm or transferred to a person connected with the individual.

to a person connected with the individual, or

to a person at a price lower than its market value.

the sole benefit, or

the main benefit,

in any of sections 75 to 78, and

in Part 2 of CAA 2001,

a person has income arising from oil extraction activities or oil rights (“ring fence income”), and

the person makes a loss in any trade.

a person makes a loss in a trade of dealing in commodity futures,

the person carried on the trade as a partner in a firm,

the person or one or more of the other partners in the firm was a company, and

arrangements within subsection (3) have been made.

the sole benefit, or

the main benefit,

the person has made a loss in a trade in a tax year, and

relief for the loss has not been fully given under this Chapter or any other provision of the Income Tax Acts or under section 261B of TCGA 1992 (use of trading loss as a CGT loss).

section 84 (how relief works),

section 85 (use of trade-related interest and dividends if trade profits insufficient),

section 86 (trade transferred to a company),

section 87 (ring fence trades),

section 88 (carry forward of certain interest as loss), and

sections 17(3) and 852(7) of ITTOIA 2005 (effect of becoming or ceasing to be UK resident).

arise in the tax year, and

would be brought into account in calculating the profits of the trade but for the fact that they have been subjected to tax under other provisions of the Income Tax Acts.

a trade is carried on by an individual otherwise than as a partner in a firm or by individuals in partnership,

the trade is transferred to a company,

the consideration for the transfer is wholly or mainly the allotment of shares to the individual or individuals, and

in the case of any individual to whom, or to whose nominee or nominees, shares are so allotted, the individual’s total income for a relevant tax year includes income derived by the individual from the company.

profits of the trade of the relevant tax year carried on by the individual, or

if the trade was carried on by the individual in partnership, profits of the individual’s notional trade of the relevant tax year.

the individual is the beneficial owner of the shares allotted as mentioned above, and

the company carries on the trade,

the individual is the beneficial owner of the shares allotted as mentioned above, and

the company carries on the trade,

a person makes a loss in a tax year carrying on oil-related activities (within the meaning of section 16 of ITTOIA 2005),

those activities are treated under that section as a separate trade for the tax year or a subsequent tax year,

the person makes profits in a subsequent tax year from other activities, and

the other activities and the oil-related activities would, but for that section, together form a single trade.

an individual pays interest in a tax year which is eligible for relief under section 383 (as a result of section 388 or 398),

the interest is an expense incurred wholly and exclusively for the purposes of a trade carried on wholly or partly in the United Kingdom, and

relief under section 383 cannot be fully given in respect of the interest because there is no income or insufficient income in the tax year.

permanently ceases to carry on a trade in a tax year (“the final tax year”), and

makes a terminal loss in the trade (see section 90).

section 91 (how relief works),

section 92 (use of trade-related interest and dividends if trade profits insufficient),

section 93 (mineral extraction trade and carry back of balancing allowances), and

section 94 (carry back of certain interest as loss).

the loss (if any) made in the trade in the period beginning with the start of the final tax year and ending with the cessation, and

the loss (if any) made in the trade in the period consisting of so much of the previous tax year as falls in the 12 months prior to the cessation.

apportioning the profit or loss of a period of account between the part of the period that falls in the terminal loss period and the part that does not, and

adding the profit or loss of a period of account (or part of a period) to profits or losses of other periods of account (or parts).

the periods of account of the notional trade are taken to be the periods of account of the actual trade, and

the references in subsections (2) and (3) to the profits or losses of periods of account of the trade are to the partner’s share of the profits or losses of the actual trade determined in accordance with sections 849 and 850 of ITTOIA 2005.

arise in the tax year, and

would be brought into account in calculating the profits of the trade but for the fact that they have been subjected to tax under other provisions of the Income Tax Acts.

a person permanently ceases to carry on a mineral extraction trade, and

the person makes a claim for terminal trade loss relief and a claim in respect of a balancing allowance under section 355 of CAA 2001.

an individual pays interest in a tax year which is eligible for relief under section 383 (as a result of section 388 or 398),

the interest is an expense incurred wholly and exclusively for the purposes of a trade carried on wholly or partly in the United Kingdom, and

relief under section 383 cannot be fully given in respect of the interest because there is no income or insufficient income in the tax year.

carries on a trade, profession or vocation wholly outside the United Kingdom, and

makes a loss in the trade, profession or vocation.

sideways relief for the loss is available only against the person’s qualifying foreign income,

trade income relief for the loss is available only against the person’s qualifying foreign trade income, and

section 261B of TCGA 1992 (use of trading loss as a CGT loss) does not apply in relation to the loss.

carry-forward trade loss relief, or

terminal trade loss relief.

qualifying foreign trade income, or

income falling within section 23, 355, 575, 613, 615, 631 or 635 of ITEPA 2003 (foreign employment or pension income).

the person makes a qualifying payment, or

a qualifying event occurs in relation to a debt owed to the person,

the person is a company within the charge to income tax under Chapter 2 of Part 2 of ITTOIA 2005 in respect of a trade, and

the company ceases at any time to be within that tax charge in respect of the trade,

section 97 (meaning of “qualifying payment”),

section 98 (meaning of “qualifying event” etc),

section 99 (reduction of relief for unpaid trade expenses), and

section 100 (prohibition against double counting).

in remedying defective work done, goods supplied or services provided in the course of the trade, or

by way of damages (whether awarded or agreed) in respect of defective work done, goods supplied or services provided in the course of the trade.

work done in the course of the trade was defective,

goods supplied in the course of the trade were defective, or

services provided in the course of the trade were defective.

against liabilities arising out of any claim about defects, or

against the liability to meet the expenses of legal or other professional services in connection with any claim about defects.

a “qualifying event” occurring in relation to a debt owed to a person who has permanently ceased to carry on a trade, and

“the appropriate amount of the debt” to be deducted in calculating a person’s net income for “the relevant tax year”.

an unpaid debt was brought into account in calculating the profits of the trade,

the person is entitled to the benefit of the debt, and

the debt is released (in whole or in part) as part of a statutory insolvency arrangement (within the meaning of Part 2 of ITTOIA 2005).

the amount released, or

if the person was entitled to only part of the benefit of the debt, the corresponding part of the amount released.

an unpaid debt was brought into account in calculating the profits of the trade,

the person is entitled to the benefit of the debt, and

the debt proves to be bad.

the amount of the debt, or

if the person was entitled to only part of the benefit of the debt, the corresponding part of the amount of the debt.

the tax year in which the debt proves to be bad, or

a subsequent tax year throughout which the debt remains bad (so long as the tax year begins within 7 years of the cessation),

the total amount of unpaid expenses at the end of the tax year, or

if the person carried on the trade as a partner in a firm, the person’s share of the total amount of unpaid expenses at the end of the tax year.

the amount actually paid, or

if less, the amount of the reduction.

relief available under section 254 of ITTOIA 2005 (allowable deductions against post-cessation receipts) is treated as given for other amounts before any amount for which post-cessation trade relief is available, and

relief under that section is treated as available if it would have been available but for the fact that the post-cessation receipts (against which the deductions would have been allowed) are exempt under section 524 of this Act.

a limited partner in any tax year (see sections 104 to 106 and section 114),

a member of a limited liability partnership (an “LLP”) in any tax year (see sections 107 to 109 and section 114), or

a non-active partner in an early tax year (see sections 110 to 114).

sections 796 to 803 (income tax charge in relation to individuals claiming relief for film-related trading losses), and

sections 804 to 809 (income tax charge in relation to individuals carrying on a trade in partnership claiming relief for licence-related trading losses).

trade loss relief against general income (see sections 64 to 70), or

early trade losses relief (see sections 72 to 74).

capital gains relief is, in relation to a loss, the treatment of the loss as an allowable loss by virtue of section 261B of TCGA 1992 (use of trading loss as a CGT loss), and

capital gains relief is given for a loss when it is so treated.

at a time in a tax year (“the relevant tax year”) an individual carries on a trade (“the relevant trade”) as a limited partner in a firm, and

the individual makes a loss in the relevant trade in the relevant tax year.

sideways relief against the individual’s income apart from profits of the relevant trade, and

capital gains relief.

the sum of the amount of the relief given and the total amount of all other relevant relief given, less

the total amount of recovered relief,

a loss made in the relevant trade in a tax year at a time during which the individual carries on that trade as a limited partner, or

a loss made in the relevant trade in an early tax year during which the individual carries on that trade as a non-active partner (see section 112).

apply subsection (5) in relation to each other trade as well as the relevant trade and then add the results together, and

apply subsection (6) as if the reference to the relevant trade were a reference to the relevant trade or any of the other trades.

the individual has previously drawn out or received back,

the individual is or may be entitled to draw out or receive back at any time when the individual is carrying on a trade as a limited partner in the firm, or

the individual is or may be entitled to require another person to reimburse to the individual.

that share has been added to the firm’s capital, or

the individual has received that share in money or money’s worth.

as a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (c. 24),

as a partner in a firm who in substance acts as a limited partner in relation to the trade (see subsection (2)), or

while the condition mentioned in subsection (3) is met in relation to the individual.

is not entitled to take part in the management of the trade, and

is entitled to have any liabilities (or those beyond a certain limit) for debts or obligations incurred for the purposes of the trade met or reimbursed by some other person.

the individual carries on the trade jointly with other persons,

under the law of a territory outside the United Kingdom, the individual is not entitled to take part in the management of the trade, and

under that law, the individual is not liable beyond a certain limit for debts or obligations incurred for the purposes of the trade.

an individual carries on a trade (“the relevant trade”) as a member of an LLP at a time in a tax year, and

the individual makes a loss in the relevant trade in the tax year (“the relevant tax year”).

this section does not apply, and

section 110 applies instead.

sideways relief against the individual’s income apart from profits of the relevant trade, and

capital gains relief.

the sum of the amount of the relief given and the total amount of all other relevant relief given, less

the total amount of recovered relief,

a loss made in the relevant trade in a tax year at a time during which the individual carries on that trade as a member of an LLP, or

a loss made in the relevant trade in an early tax year during which the individual carries on that trade as a non-active partner.

apply subsection (6) in relation to each other trade as well as the relevant trade and then add the results together, and

apply subsection (7) as if the reference to the relevant trade were a reference to the relevant trade or any of the other trades.

the individual has previously drawn out or received back,

the individual draws out or receives back during the period of 5 years beginning with the relevant time,

the individual is or may be entitled to draw out or receive back at any time when the individual is a member of the LLP, or

the individual is or may be entitled to require another person to reimburse to the individual.

the individual is liable to contribute to the assets of the LLP in the event of its being wound up, and

the individual remains liable to contribute for the period of at least 5 years beginning with the relevant time (or until the LLP is wound up, if that happens before the end of that period).

the individual carries on a trade as a member of an LLP at a time during a tax year (“the current tax year”), and

as a result of section 107, sideways relief or capital gains relief has not been given to the individual for amounts of loss made in the trade in previous tax years as a member of the LLP.

as a result of this section, sideways relief or capital gains relief has been given to the individual for the amount for years prior to the current tax year or would have been so given had a claim been made, or

other than as a result of this section, relief under the Income Tax Acts has been given to the individual for the amount for years prior to the current tax year or for the current tax year.

an individual carries on a trade (“the relevant trade”) as a non-active partner in a firm during an early tax year (see section 112), and

the individual makes a loss in the relevant trade in that tax year (“the relevant tax year”).

sideways relief against the individual’s income apart from profits of the relevant trade, and

capital gains relief.

the sum of the amount of the relief given and the total amount of all other relevant relief given, less

the total amount of recovered relief,

a loss made in the relevant trade in a tax year at a time during which the individual carries on that trade as a limited partner or as a member of an LLP, or

a loss made in the relevant trade in an early tax year during which the individual carries on that trade as a non-active partner.

apply subsection (5) in relation to each other trade as well as the relevant trade and then add the results together, and

apply subsection (6) as if the reference to the relevant trade were a reference to the relevant trade or any of the other trades.

the individual has previously drawn out or received back,

the individual draws out or receives back during the period of 5 years beginning with the relevant time,

the individual is or may be entitled to draw out or receive back at any time when the individual is carrying on a trade as a partner in the firm, or

the individual is or may be entitled to require another person to reimburse to the individual.

that share has been added to the firm’s capital, or

the individual has received that share in money or money’s worth.

carries on the trade as a partner in a firm at a time during the year,

does not carry on the trade as a limited partner at any time during the year, and

does not devote a significant amount of time to the trade in the relevant period for the year.

the period of 6 months beginning with the date on which the individual first started to carry on the trade (if the basis period begins with that date), or

the period of 6 months ending with the date on which the individual permanently ceased to carry on the trade (if the basis period ends with that date).

any relief is given on the assumption that the individual devoted or will devote a significant amount of time to the trade in the relevant period for a tax year, but

the individual in fact failed or fails to do so,

the tax year in which the individual first started to carry on the trade, or

one of the next 3 tax years.

at a time during a tax year (“the current tax year”) the individual carries on the trade as a partner in a firm or makes a contribution to the assets of a firm within subsection (2) on the firm’s winding up, and

as a result of section 110, sideways relief or capital gains relief has not been given to the individual for amounts of loss made in the trade in previous tax years.

as a result of this section, sideways relief or capital gains relief has been given to the individual for the amount for years prior to the current tax year or would have been so given had a claim been made, or

other than as a result of this section, relief under the Income Tax Acts has been given to the individual for the amount for years prior to the current tax year or for the current tax year.

the individual is treated as having carried on the trade during the current tax year as a non-active partner in the firm, and

the current tax year is treated as if it were an early tax year in relation to the individual’s carrying on of the trade.

made a contribution in the current tax year to the assets of the firm on its winding up, but

did not carry on the trade as a partner in the firm in the current tax year.

the restrictions under sections 66 and 74(1) do not apply in relation to the amounts of loss treated by this section as having been made in the current tax year, and

in the application of this Chapter in relation to those amounts of loss, section 110(4) has effect as if the words “the basis period for” were omitted.

the individual’s contribution to the firm for the purposes of section 104 or 110, or

the individual’s contribution to the LLP for the purposes of section 107.

make provision having retrospective effect,

contain incidental, supplemental, consequential and transitional provision and savings, and

make different provision for different cases or purposes.

an individual carries on a trade as a partner in a firm at a time during a tax year,

the trade consists of or includes the exploitation of films,

the individual makes a loss in the trade in the tax year (“the affected tax year”),

the individual does not devote a significant amount of time to the trade in the relevant period for the affected tax year (see section 112),

the affected tax year is the one in which the individual first started to carry on the trade or is one of the next 3 tax years, and

a relevant agreement existed at a time during the affected tax year which guaranteed the individual an amount of income (see subsections (5) to (9)).

it is an agreement made with a view to the individual’s carrying on the trade,

it is an agreement made in the course of the individual’s carrying it on, or

it is related to an agreement falling within paragraph (a) or (b).

it is deducted under a relevant film provision for the purposes of the calculation required by section 849 of ITTOIA 2005 (calculation of firm’s profits or losses), or

it is incidental expenditure which (although not deducted under a relevant film provision) is incurred in connection with the production of a film, or the acquisition of the original master version of a film, in relation to which expenditure is so deducted.

the amount of the loss that derives from unrestricted film expenditure, and

the extent to which expenditure is within subsection (2)(b).

provides for losses made in a UK property business or overseas property business in a tax year to be carried forward for deduction from profits in subsequent tax years (see sections 118 and 119),

provides in limited circumstances for relief against general income for losses made in a UK property business or overseas property business (see sections 120 to 124), and

provides for relief for certain post-cessation payments and events in connection with a UK property business (see section 125).

carries on a UK property business or overseas property business (alone or in partnership) in a tax year, and

makes a loss in the business in the tax year.

in a tax year (“the loss-making year”) the person makes a loss in a UK property business or overseas property business (whether carried on alone or in partnership), and

the loss has a capital allowances connection or the business has a relevant agricultural connection.

for the loss-making year, or

for the next tax year.

section 121 (how relief works),

section 122 (meaning of “the applicable amount of the loss”),

section 123 (meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”), and

section 124 (supplementary).

a person makes a claim for property loss relief against general income (“the prior claim”) in respect of a loss made in a tax year,

the prior claim specifies the next tax year as the one for which the deduction is to be made (“the relevant tax year”),

the person makes another claim for property loss relief against general income in respect of a loss made in the relevant tax year, and

that other claim also specifies the relevant tax year as the one for which the deduction is to be made.

the amount of the loss, or

if less, the amount arising from the relevant connection (see subsections (3) to (5)).

the loss has a capital allowances connection, but

the business does not have a relevant agricultural connection,

the business has a relevant agricultural connection, but

the loss does not have a capital allowances connection,

the loss has a capital allowances connection, and

the business has a relevant agricultural connection,

the amount of the capital allowances treated as expenses of the business, exceeds

the amount of any charges under CAA 2001 treated as receipts of the business.

the business is carried on in relation to land that consists of or includes an agricultural estate, and

allowable agricultural expenses deducted in calculating the loss are attributable to the estate.

which is managed as one estate, and

which consists of or includes land occupied wholly or mainly for purposes of husbandry.

in respect of maintenance, repairs, insurance or management of the estate, and

otherwise than in respect of interest payable on a loan.

for purposes of husbandry, and

for other purposes,

section 8 of TMA 1970, or

section 8A of TMA 1970,

the person makes a qualifying payment, or

a qualifying event occurs in relation to a debt owed to the person,

the person is a company within the charge to income tax under Chapter 3 of Part 3 of ITTOIA 2005 in respect of a UK property business, and

the company ceases at any time to be within that tax charge in respect of the business,

section 97 (meaning of “qualifying payment”),

section 98 (meaning of “qualifying event” etc),

section 99 (reduction of relief for unpaid trade expenses), and

section 100 (prohibition against double counting).

which consists of every commercial letting of furnished holiday accommodation comprised in the person’s UK furnished holiday lettings business, and

the profits of which are chargeable to income tax.

the individual incurs an allowable loss for capital gains tax purposes on the disposal of any shares in any tax year (“the year of the loss”), and

the shares are qualifying shares.

EIS relief is attributable to them, or

if EIS relief is not attributable to them, they are shares in a qualifying trading company which have been subscribed for by the individual.

by way of a bargain made at arm’s length,

by way of a distribution in the course of dissolving or winding up the company,

a disposal within section 24(1) of TCGA 1992 (entire loss, destruction dissipation or extinction of asset), or

a deemed disposal under section 24(2) of that Act (claim that value of the asset has become negligible).

the shares are the subject of an exchange or arrangement of the kind mentioned in section 135 or 136 of TCGA 1992 (company reconstructions etc), and

because of section 137 of that Act, the exchange or arrangement involves a disposal of the shares.

for the year of the loss,

for the previous tax year, or

for both tax years.

makes a claim for share loss relief against income (“the first claim”) in relation to the year of the loss, and

makes a separate claim for share loss relief against income in respect of a loss made in the following tax year in relation to the same tax year as the first claim,

has ceased to meet any of those requirements at a time which is not more than 3 years before that date and has not since that time been an excluded company, an investment company or a trading company.

has met each of the requirements mentioned in condition A for a continuous period of 6 years ending on that date or at that time, or

has met each of those requirements for a shorter continuous period ending on that date or at that time and has not before the beginning of that period been an excluded company, an investment company or a trading company.

met the gross assets requirement (see section 142) both immediately before and immediately after the issue of the shares in respect of which the share loss relief is claimed, and

met the unquoted status requirement (see section 143) at the relevant time within the meaning of that section.

beginning with the incorporation of the company or, if later, 12 months before the shares in question were issued, and

ending with the date of the disposal.

an individual (“A”) subscribed for, or is treated under subsection (4) or this subsection as having subscribed for, any shares,

A transferred the shares to another individual (“B”) during their lives, and

A was B’s spouse or civil partner at the time of the transfer,

an individual has subscribed for, or is treated under subsection (3) or this subsection as having subscribed for, any shares, and

any corresponding bonus shares are subsequently issued to the individual,

an individual disposes of shares (“the new shares”), and

the new shares are, by virtue of section 127 of TCGA 1992 (reorganisation etc treated as not involving disposal), identified with other shares (“the old shares”) previously held by the individual,

if the individual had incurred an allowable loss in disposing of them by way of a bargain made at arm’s length on the occasion of the disposal that would have occurred but for section 127 of TCGA 1992, and

where applicable, if this Chapter had then been in force.

the company, ignoring any incidental purposes, exists wholly for the purpose of carrying on one or more qualifying trades, or

the company is a parent company and the business of the group does not consist wholly or as to a substantial part in the carrying on of non-qualifying activities.

the company is treated as a parent company for the purposes of subsection (1)(b), and

the reference in subsection (1)(b) to the group includes the company and any existing or future company that will be its qualifying subsidiary after the intention in question is carried into effect.

the holding of shares in or securities of a qualifying subsidiary of the parent company,

the making of loans to another group company,

the holding and managing of property used by a group company for the purpose of one or more qualifying trades carried on by a group company, or

the entry into administration or receivership, and

everything done as a result of the company concerned being in administration or receivership,

a resolution is passed, or an order is made, for the winding up of the company or any of its subsidiaries (or, in the case of a winding up otherwise than under the Insolvency Act 1986 or the Insolvency (Northern Ireland) Order 1989, any other act is done for the like purpose), or

the company or any of its subsidiaries is dissolved without winding up.

the winding up is for genuine commercial reasons, and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax, and

the company continues, during the winding up, to be a trading company.

the company must not control (whether on its own or together with any person connected with it) any company which is not a qualifying subsidiary of the company, and

no arrangements must be in existence by virtue of which the company could fail to meet paragraph (a) (whether at a time during the continuous period that is relevant for the purposes of section 134(3) or otherwise).

no arrangements must be in existence by virtue of which the company could fail to meet paragraph (a) (whether at a time during the continuous period that is relevant for the purposes of section 134(3) or otherwise).

must not exceed £7 million immediately before the shares in respect of which the share loss relief is claimed are issued, and

must not exceed £8 million immediately afterwards.

must not exceed £7 million immediately before the shares in respect of which the share loss relief is claimed are issued, and

must not exceed £8 million immediately afterwards.

the company must be an unquoted company,

there must be no arrangements in existence for the company to cease to be an unquoted company, and

listed on a stock exchange that is a recognised stock exchange by virtue of an order made under section 1005, or

listed on an exchange, or dealt in by any means, designated by an order made for the purposes of section 184(3)(b) or (c),

a company (“the new company”) in which the only issued shares are subscriber shares acquires all the shares (“old shares”) in another company (“the old company”),

the consideration for the old shares consists wholly of the issue of shares (“new shares”) in the new company,

the consideration for the new shares of each description consists wholly of old shares of the corresponding description,

new shares of each description are issued to the holders of old shares of the corresponding description in respect of and in proportion to their holdings, and

by virtue of section 127 of TCGA 1992 as applied by section 135(3) of that Act (company reconstructions etc), the exchange of shares is not to be treated as involving a disposal of the old shares or an acquisition of the new shares.

section 136(2) (disposals of new shares), and

section 139 (the control and independence requirement),

to which EIS relief was not attributable, and

which had been subscribed for by the individual.

the new shares had been subscribed for by the individual at the time when, and for the amount for which, the old shares were subscribed for by the individual,

the new shares had been issued by the new company at the time when the old shares were issued to the individual by the old company, and

any requirements of this Chapter which were met at any time before the exchange by the old company had been met at that time by the new company.

an individual disposes of any qualifying shares,

the individual makes a claim under section 132 in respect of a loss incurred on the disposal.

an individual disposes of any qualifying shares,

the qualifying shares, and other shares that are not capable of being qualifying shares, are for the purposes of TCGA 1992 to be treated as acquired by a single transaction by virtue of section 105(1)(a) of that Act (disposal of shares acquired on same day etc), and

the individual makes a claim under section 132 in respect of a loss incurred on the disposal.

the qualifying shares were to be treated as acquired by a single transaction, and

the other shares were not to be so treated.

an individual disposes of any qualifying shares,

the qualifying shares (taken as a single asset), and other shares in the same company that are not capable of being qualifying shares (taken as a single asset), are for the purposes of TCGA 1992 to be treated as the same asset by virtue of section 127 of that Act (reorganisation etc treated as not involving disposal), and

the individual makes a claim under section 132 in respect of a loss incurred on the disposal,

the individual acquired the shares otherwise than by subscription,

condition C in section 134(4) was not met in relation to the issue of the shares, or

condition D in section 134(5) would not be met if the shares were disposed of at that time.

shares that are not capable of being qualifying shares, and

other shares.

whether a disposal by the individual of shares forming part of the mixed holding is of qualifying shares, or

as to which of any qualifying shares acquired by the individual at different times such a disposal relates to,