SCHEDULES
SCHEDULE 2Transitionals and savings
Part 5Losses (except losses on disposal of shares)
18General: carry forward loss reliefs
1
The repeal by this Act of the superseded carry forward provisions does not alter the effect of those provisions so far as they determine—
a
whether, and
b
to what extent,
relief for any loss made (or treated as made) in a tax year before the tax year 2007-08 is to be given for the tax year 2007-08 or any subsequent tax year.
2
But any relief for the loss (or any part of the loss) which is given for the tax year 2007-08 or any subsequent tax year is to be given in accordance with the relevant provisions of Part 4 of this Act.
3
In this paragraph “the superseded carry forward provisions” means—
a
sections 379A and 379B of ICTA (carry forward of loss in Schedule A business or overseas property business),
b
sections 385, 387, 390 and 391 (so far as applying to section 385) of ICTA (carry forward of loss in trade, profession or vocation),
c
section 392(2)(b) and (5) of ICTA (carry forward of miscellaneous loss), and
d
any provision inserting or amending, or affecting the application of, any of the above provisions.