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Income Tax Act 2007

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Changes over time for: Cross Heading: Restriction on sideways relief for specific trades

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There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Restriction on sideways relief for specific trades. Help about Changes to Legislation

Restriction on sideways relief for specific tradesU.K.

80Ring fence incomeU.K.

(1)This section applies if—

(a)a person has income arising from oil extraction activities or oil rights (“ring fence income”), and

(b)the person makes a loss in any trade.

(2)Sideways relief for the loss is not to be given against the person's ring fence income except so far as the loss arises from oil extraction activities or oil rights.

(3)Oil extraction activities” and “oil rights” have the [F1meaning given by sections 225A and 225B of ITTOIA 2005].

Textual Amendments

F1Words in s. 80(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 193 (with Sch. 9 paras. 1-9, 22)

Modifications etc. (not altering text)

C1S. 80 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 6 para. 1(11)(d)

C2S. 80 applied (10.6.2021) by Finance Act 2021 (c. 26), Sch. 2 para. 3(1)(e)

F281Dealings in commodity futuresU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2S. 81 omitted (8.4.2010 with effect in accordance with Sch. 3 para. 11 of the amending Act) by virtue of Finance Act 2010 (c. 13), Sch. 3 para. 9

82Exploitation of filmsU.K.

In the case of a trade carried on by an individual which consists of or includes the exploitation of films—

(a)see [F3section 115] for a restriction on sideways relief if the trade was carried on by the individual as a partner in a firm, and

(b)see section 796 for a charge to income tax if the individual made a loss in the trade (whether carried on alone or as a partner in a firm) for which sideways relief is claimed.

Textual Amendments

F3Words in s. 82(a) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 6, 21

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