Income and Corporation Taxes Act 1988

382 Provisions supplementary to sections 380 and 381. U.K.

(1) M1 A claim for relief under section 380or 381may require that the relief be given only by reference to the income of the person sustaining the loss, without extending to the income of that person’s wife or husband.

(2) M2 Subject to any requirement under subsection (1)above, relief under section 380or 381shall be given in respect of a loss sustained by any person by treating the loss as reducing first his income of the corresponding class, then his other income, then the income of the corresponding class of that person’s wife or husband, then the other income of the wife or husbandF1 .

• For the purposes of this subsection “income of the corresponding class” means earned or unearned income according as income arising during the same period as the loss to the person sustaining it from profits or gains of the same trade, profession, vocation or employment would have been that person’s earned or unearned income.

(3) M3 Where relief under section 380 or 381 has been given to a person for any year of assessment, he shall not be entitled, in computing the amount of the assessment for any subsequent year, to a deduction of any portion of the amount in respect of which such relief has been obtained.

(4) For the purposes of sections 380 and 381, the amount of a loss sustained in a trade, (including the occupation of woodlands in a case where section 380(4) applies), profession or vocation shall be computed in like manner as the profits or gains arising or accruing from the trade, profession or vocation are computed under the provisions of the Income Tax Acts applicable to Case I or II of Schedule D.

Textual Amendments

F1 Repealed by 1988(F) s.148and Sch.14 Part VIIIfor 1990-91and subsequent years.

Modifications etc. (not altering text)

C1 S. 382(3) amended by Finance Act 1991 (c. 31, SIF 63:1), s. 72(8)(9)

Marginal Citations

M1 Source—1970 s.168(3); 1971 s.16(2)(a); 1978 s.30(7)(a)

M2 Source—1970 s.168(4); 1978 s.30(7)(a)

M3 Source—1970 s.168(5), (7), (8); 1978 s.30(7)(a); 1987 Sch.15 2(11)