Finance Act 1981

Carry forward of unused relief

9 (1) Where, in any year of assessment, full effect cannot be given to any relief falling to be allowed under this Part of this Schedule owing to there being no profits or gains of the trade chargeable for that year, or owing to the profits or gains chargeable being less than the amount of the relief, the relief or part of the relief to which effect has not been given, as the case may be, shall be carried forward and given effect in accordance with paragraph 5 above in the following year and, subject to paragraph 10 below, so on for succeeding years.

(2) There may be carried forward under this paragraph to a year of assessment any relief under Schedule 5 to the [1976 c. 40.] Finance Act 1976 to the extent to which effect has not been given to it in a previous year.

(3) This paragraph has effect subject to paragraph 8 above.