- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
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Income and Corporation Taxes Act 1988, Section 118ZE is up to date with all changes known to be in force on or before 12 September 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.
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Yn ddilys o 22/07/2004
(1)This section applies to an amount which may be given to an individual under section 353, 380 or 381 in respect of a loss sustained by him in a trade, or interest paid by him in connection with the carrying on of a trade, in a qualifying year of assessment.
(2)The amount may be given otherwise than against income consisting of profits arising from the trade only to the extent that—
(a)the amount given, or
(b)(as the case may be) the aggregate amount,
does not exceed the amount of the individual’s contribution to the trade as at the end of that year of assessment.
(3)A “qualifying year of assessment” means a year of assessment—
(a)at any time during which the individual carried on the trade as a general partner or a member of a limited liability partnership,
(b)in which he did not devote a significant amount of time to the trade (within the meaning given by section 118ZH),
(c)which is the year of assessment in which the trade is first carried on by him or any of the next three years of assessment,
(d)the basis period for which ends on or after 10 February 2004, and
(e)which is not a year of assessment at any time during which he carried on the trade as a limited partner.
(4)In this section—
(a)a “general partner” means any partner who is not a limited partner, and
(b)“limited partner” has the meaning given by section 117(2),
and in paragraph (a) “any partner” does not include a member of a limited liability partnership.
(5)In this section and sections 118ZF to 118ZK, “basis period” means (subject to subsection (6)) the basis period given by sections 60 to 63 as applied by section 111(4) and (5).
(6)The basis period for a year of assessment to which section 61(1) applies is to be taken for the purposes of this section and sections 118ZF to 118ZK to be the period beginning with the date when the individual first carried on the trade and ending with the end of the year of assessment.
(7)In subsection (1) “a trade” does not include underwriting business within the meaning of section 184 of the Finance Act 1993 (Lloyd’s underwriters).
(8)This section has effect subject to sections 118ZJ and 118ZK (transitional provision).]
Textual Amendments
F1Ss. 118ZE-118ZK and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 124(1)
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