Chwilio Deddfwriaeth

Income and Corporation Taxes Act 1988

Changes over time for: Section 389

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Version Superseded: 22/03/2001

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389 Supplementary provisions relating to carry-back of terminal losses.U.K.

(1)M1Sections 387, 458 and 474 shall apply to the computation of losses, or of profit or loss, for any purpose of this section or section 388 as they apply to any such computation for the corresponding purposes of section 385.

(2)Where on the permanent discontinuance of a trade which consists of or includes the working of a mine, oil well or other source of mineral deposits within the meaning of [F1Part IV of the 1990 Act] , a claim for relief is made both under section 388 above and [F1section 17(1) of the 1990 Act] (carry-back of balancing allowances), the balancing allowance in respect of which the claim is made under [F1section 17(1)] shall be left out of account for the purposes of section 388(6), but relief under section 388 shall be given in priority to relief under [F1section 17(1)].

(3)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3(4)For the purposes of this section and section 388 a trade, profession or vocation shall be treated as discontinued, and a new one as set up and commenced, when it is so treated for the purposes of section 111 or 113.]

(5)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(8)Where a person occupying woodlands has elected to be charged to income tax in respect thereof under Schedule D, this section and section 388 shall apply to a terminal loss sustained by him in the occupation of the woodlands as they apply to a terminal loss sustained in a trade.

Textual Amendments

F11990(C) s.164and Sch.1 para.8(15)(a).Previously

“Schedule 13 to the Finance Act 1986”, “section 15(1) of the 1968 Act”, “section 15(1)”

and

“section 15(1)”

respectively.

F2S. 389(3) repealed (with effect in accordance with s. 215(4)(5) of the repealing Act) by Finance Act 1994 (c. 9), s. 216(3)(g), Sch. 26 Pt. 5(24), Note 4(d) (as s. 215(5) of that Act is modified (1.5.1995) by 1995 c. 4, s. 125(1)) (with Sch. 20)

F3S. 389(4) substituted (with effect in accordance with s. 215(4)(5) of the amending Act) by Finance Act 1994 (c. 9), s. 216(4) (as s. 215(5) of that Act is modified (1.5.1995) by 1995 c. 4, s. 125(1)) (with Sch. 20)

F4S. 389(5)-(7) repealed (with effect in accordance with ss. 211(2), 218(1)(b) of the repealing Act) by Finance Act 1994 (c. 9), s. 214(1)(e), Sch. 26 Pt. 5(24), Note 5(c) (with Sch. 20)

F5 See 1988(F) Sch.14 Part Vfor repeal of subs. (8)from 6April 1993.

Marginal Citations

M1Source—1970 s.174(7)-(13); 1986 Sch.13 27; 1971 Sch.8 16

Yn ôl i’r brig

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