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Income and Corporation Taxes Act 1988
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Changes over time for: Section 389
Version Superseded: 06/04/2005
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Income and Corporation Taxes Act 1988, Section 389 is up to date with all changes known to be in force on or before 18 November 2024. 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.
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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 5 of the Capital Allowances Act], a claim for relief is made both under section 388 above and [F2section 355 of that Act](carry-back of balancing allowances), the balancing allowance in respect of which the claim is made under [F3section 355] 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 [F3section 355].
(3)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(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)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(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
F1Words in s. 389(2) substituted (with effect in accordance with s. 579(1) of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 31(a) (with Sch. 3)
F2Words in s. 389(2) substituted (with effect in accordance with s. 579(1) of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 31(b) (with Sch. 3)
F3Words in s. 389(2) substituted (with effect in accordance with s. 579(1) of the amending Act) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 31(c) (with Sch. 3)
F4S. 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)
F5S. 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)
F6S. 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)
F7 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
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