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Taxes Management Act 1970

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Taxes Management Act 1970, Cross Heading: Carry-back of post-cessation etc. receipts is up to date with all changes known to be in force on or before 22 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1 Carry-back of post-cessation etc. receiptsU.K.

Textual Amendments

F1Sch. 1B inserted (with effect in accordance with s. 128(11) of the amending Act) by Finance Act 1996 (c. 8), s. 128(2), Sch. 17

5(1)This paragraph applies where a person who has received a sum to which [F2section 257 of ITTOIA 2005] applies (election for carry-back) makes an election under that section requiring tax to be charged as if the sum were received on [F3the date of the cessation]; and in this paragraph—U.K.

  • “the earlier year” means the year in which the sum is treated as received;

  • “the later year” means the year in which the sum is received.

(2)The claim shall relate to the later year.

(3)Subject to sub-paragraph (4) 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”).

(4)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.

(5)In computing amount B for the purposes of this paragraph, no further deduction or relief shall be made or given in respect of any loss or allowance deducted in pursuance of [F4section 254 of ITTOIA 2005].

(6)Effect shall be given to the claim in relation to the later year by an increase in the amount of tax payable.]

Textual Amendments

F2Words in Sch. 1B para. 5(1) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 382(6)(a)(i) (with Sch. 2)

F3Words in Sch. 1B para. 5(1) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 382(6)(a)(ii) (with Sch. 2)

F4Words in Sch. 1B para. 5(5) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 382(6)(b) (with Sch. 2)

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