SCHEDULE 4 Restrictions on Trade Loss Relief for Partners
Finance Act 2007 (2007 c 11) | Legislation

SCHEDULE 4 Restrictions on Trade Loss Relief for Partners

Section 26

Limit on amount of sideways relief and capital gains relief available in any tax year

1

(1)     In ITA 2007, before section 104 (and the italic cross-heading before it) insert—

“Limit on amount of sideways relief and capital gains relief
103C Limit on reliefs in any tax year not to exceed cap for tax year

(1)     This section applies if an individual carries on one or more trades—

(a)     as a non-active partner in a firm during a tax year, or

(b)     as a limited partner in a firm at a time in that tax year,

and the individual makes a loss in any of those trades (an “affected lossâ€) in that tax year.

(2)     There is a restriction on the amount of sideways relief and capital gains relief which (after applying the restrictions under the other provisions of this Chapter) may be given to the individual for any affected loss (but see subsections (6) and (7)).

(3)     The restriction is that the total amount of the sideways relief and capital gains relief given to the individual for all the affected losses must not exceed

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