19(1)This paragraph applies for the purposes of section 64 if the loss is made in the tax year 2007-08.U.K.
(2)Relief for the loss can be given for the tax year 2006-07.
(3)Sub-paragraphs (4) and (5) apply if relief for the loss is claimed for the tax year 2006-07.
(4)If relief is to be given, the relief is given in the way it would have been given had it been given under section 380(1)(b) of ICTA ignoring this Act (and section 65 of this Act is to be read accordingly).
(5)Section 72 of FA 1991 applies as if the relief had been claimed under section 380(1)(b) of ICTA.
20(1)This paragraph applies if—U.K.
(a)a person makes a loss (“the 2006-07 loss”) in a trade in the tax year 2006-07,
(b)relief under section 380 of ICTA is not available for the 2006-07 loss because of section 384(1) of that Act,
(c)the person makes a loss (“the 2007-08 loss”) in the trade in the tax year 2007-08,
(d)(apart from this paragraph) relief under section 64 of this Act is not available for the 2007-08 loss because of section 66 of this Act,
(e)the basis period for the tax year 2007-08 overlaps with the tax year 2006-07, and
(f)ignoring this Act, section 384(1) of ICTA would not have prevented relief under section 380 of that Act being available for the 2007-08 loss.
(2)Section 66 of this Act is not to apply in relation to the 2007-08 loss.
(3)This paragraph applies to professions and vocations as it applies to trades.