54(1)Amend section 392 (Case VI losses) as follows.U.K.
(2)For subsection (1)(a) and (b) substitute—
“(a)that the amount of the loss sustained by him shall, as far as may be, be deducted from or set off against the total of—
(i)the amount of any profits or gains arising from any transaction in respect of which he is assessed for that year under that Case, and
(ii)the amount of any qualifying income on which tax is charged under Part 9 of ITEPA 2003 (pension income) for that year, and
(b)that any portion of the loss for which relief is not so given shall, as far may be, be carried forward and deducted from or set off against the total of—
(i)the amount of any profits or gains arising from any transaction in respect of which he is assessed under that Case for any subsequent year of assessment, and
(ii)the amount of any qualifying income on which tax is charged under Part 9 of ITEPA 2003 for the subsequent year of assessment.”
(3)For subsection (3) substitute—
“(3)Any relief under this section by way of the carrying forward of the loss shall be given as far as possible from the first subsequent assessment in respect of—
(a)any profits or gains arising from any transaction in respect of which he is assessed under Case VI of Schedule D for any year, or
(b)any qualifying income on which tax is charged under Part 9 of ITEPA 2003 for any year,
and so far as it cannot be so given, then from the next such assessment, and so on.”
(4)After subsection (5) insert—
“(6)For the purposes of subsection (1)(a)(ii) and (b)(ii) and subsection (3)(b) income is “qualifying income” if—
(a)section 583 of ITEPA 2003 applies to it and the paying scheme (see subsection (3) of that section) is a pilots' benefit fund (see section 587 of ITEPA 2003), or
(b)section 623 of ITEPA 2003 applies to it.”