SCHEDULES
SCHEDULE 17 Claims for relief involving two or more years
Loss relief
2
1
This paragraph applies where a person makes a claim requiring relief for a loss incurred or treated as incurred, or a payment made, in one year of assessment (“the later year”) to be given in an earlier year of assessment (“the earlier year”).
2
Section 42(2) of this Act shall not apply in relation to the claim.
3
The claim shall relate to the later year.
4
Subject to sub-paragraph (5) below, the claim shall be for an amount equal to the difference between—
a
the amount in which the person is chargeable to tax for the earlier year (“amount A”); and
b
the amount in which he would be so chargeable on the assumption that effect could be, and were, given to the claim in relation to that year (“amount B”).
5
Where effect has been given to one or more associated claims, amounts A and B above shall each be determined on the assumption that effect could have been, and had been, given to the associated claim or claims in relation to the earlier year.
6
Effect shall be given to the claim in relation to the later year, whether by repayment or set-off, or by an increase in the aggregate amount given by section 59B(1)(b) of this Act, or otherwise.
7
For the purposes of this paragraph, any deduction made under section 62(2) of the 1992 Act (death: general provisions) in respect of an allowable loss shall be deemed to be made in pursuance of a claim requiring relief to be given in respect of that loss.