Version Superseded: 06/04/2005
Point in time view as at 28/09/2004. This version of this provision has been superseded.
Income and Corporation Taxes Act 1988, Section 390 is up to date with all changes known to be in force on or before 13 March 2025. 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.
M1Where—
(a)a payment of interest eligible for relief under section 353 is money wholly and exclusively laid out or expended for the purposes of a trade, profession or vocation the profits of which are chargeable to tax under Case I or II of Schedule D, and
(b)full effect cannot be given to such relief in respect of the payment by reason of a want or deficiency of income of the year of assessment in which the payment is made,
the amount unallowed may be carried forward to succeeding years of assessment as if it were a loss carried forward under section 385, or may be treated for the purposes of sections 388 and 389 as a loss sustained at the date of payment.
Marginal Citations
M1Source—1970 s.175; 1972 Sch.11 3; 1974 Sch.1 28
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