Chwilio Deddfwriaeth

Chwiliad Uwch

Income Tax Act 2007

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

129How relief works

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(1)This subsection explains how the deductions are to be made.

The amount of the loss to be deducted at any step is limited in accordance with section 25(4) and (5).

  • Step 1

    Deduct the loss in calculating the person’s net income for the specified tax year.

  • Step 2

    This step applies only if the claim is made in relation to both tax years.

    Deduct the part of the loss not deducted at Step 1 in calculating the person’s net income for the other tax year.

(2)There is a priority rule if a person—

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

(b)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.

(3)The rule is that priority is given to making deductions under the first claim.

(4)For this purpose a “separate claim” means—

(a)a claim for employment loss relief against general income, or

(b)a claim for trade loss relief against general income (see sections 64 to 70).

Yn ôl i’r brig

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