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- Point in Time (22/02/2007)
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Version Superseded: 06/04/2007
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(1)In section 119 “the losses claimed” means the total amount of any film-related losses sustained by the individual in the trade in any years of assessment, to the extent that they are losses—
(a)in respect of which the individual has (at any time) claimed relief under section 380 or 381 of the Taxes Act 1988; or
(b)that he has (at any time) claimed as allowable losses under section 72 of the Finance Act 1991 (c. 31).
[F1less the amount of any relevant reclaimed relief.]
[F2(1A)The “amount of any relevant reclaimed relief” means whichever is the lesser of—
(a)the total of any amounts which the individual has been treated as receiving under section 74 of the Finance Act 2005 (recovery of excess relief given under section 380 or 381 of the Taxes Act 1988) as a result of the application of that section of that Act to him in respect of losses sustained by him in the trade, and
(b)the total amount of any film-related losses sustained by the individual in the trade in any eligible years of assessment within the meaning of section 74 of the Finance Act 2005 to the extent that they are losses in respect of which he has at any time claimed relief as described in paragraph (a) or (b) of subsection (1) above.]
(2)In section 119 “the individual’s capital contribution to the trade” means (subject to section 122(1)) the amount that the individual has contributed to the trade as capital, less so much of that amount (if any) as—
(a)he has directly or indirectly drawn out or received back;
(b)he is entitled so to draw out or receive back;
(c)he has had directly or indirectly reimbursed to him by any person;
(d)he is entitled to require any person so to reimburse to him.
(3)In relation to a member of a limited liability partnership, the reference in subsection (2) to the amount contributed to the trade as capital shall be read as a reference to the amount contributed to the limited liability partnership as capital.
(4)In subsection (2) references to reimbursement include reimbursement effected by discharging or assuming all or part of a liability of the individual.
(5)Subsection (4) shall not be taken to limit what is to be treated for the purposes of subsection (2) as the receipt back or reimbursement of an amount.
(6)An amount drawn out or received back that would otherwise fall within subsection (2)(a), or an entitlement that would otherwise fall within subsection (2)(b), shall be treated as not so falling if the amount drawn out or received back is chargeable to income tax as profits of the trade.
[F3(7)This section is subject to provision made by regulations under section 122A (partners: meaning of “capital contribution to the trade”).]
Textual Amendments
F1Words in s. 121(1) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 78(3)(a)(4)
F2S. 121(1A) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 78(3)(b)(4)
F3S. 121(7) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 79(2)(4)
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