Income and Corporation Taxes Act 1988

[F1 118ZF Meaning of “the aggregate amount” U.K.

(1) In section 118ZE(2) “the aggregate amount” means (subject to section 118ZK) the aggregate of any amounts given to the individual at any time under section F2 . . . 380 or 381 in respect of a loss sustained by him in the trade F2 . . . in a year of assessment falling within subsection (2) ][F3 , less the amount of any reclaimed relief.]

[F4 (1A) For the purposes of subsection (1) “the amount of any reclaimed relief” means the total of any amounts which the individual has been treated as receiving under section 74 of the Finance Act 2005 (recovery of excess relief given under section 380 or 381) as a result of the application of that section of that Act to him in respect of losses sustained by him in the trade.]

(2) A year of assessment falls within this subsection if—

(a) it is a qualifying year of assessment within the meaning of section 118ZE, or

(b) it is a year of assessment—

(i) at any time during which the individual carried on the trade as a member of a limited liability partnership or as a limited partner within the meaning given by section 117(2), and

(ii) the basis period for which ends on or after 10 February 2004.

Textual Amendments

F1 Ss. 118ZE-118ZK and preceding cross-heading inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 124(1)

F2 Words in s. 118ZF(1) repealed (retrospective to 2.12.2004 with effect in accordance with s. 72(7)-(11) of the repealing Act) by Finance Act 2005 (c. 7), s. 72(4)(12), Sch. 11 Pt. 2(4), Note

F3 Words in s. 118ZF(1) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 78(2)(a)(4)

F4 S. 118ZF(1A) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 78(2)(b)(4)