22(1)This paragraph applies if—U.K.
(a)a person makes a loss (“the 2006-07 loss”) in a trade in the tax year 2006-07,
(b)relief under section 381 of ICTA is not available for the 2006-07 loss because of subsection (4) of that section,
(c)the person makes a loss (“the 2007-08 loss”) in the trade in the tax year 2007-08,
(d)(apart from this paragraph) relief under section 72 of this Act is not available for the 2007-08 loss because of section 74(1) of this Act,
(e)the basis period for the tax year 2007-08 overlaps with the tax year 2006-07, and
(f)ignoring this Act, subsection (4) of section 381 of ICTA would not have prevented relief under that section being available for the 2007-08 loss.
(2)Section 74(1) of this Act is not to apply in relation to the 2007-08 loss.
(3)This paragraph applies to professions and vocations as it applies to trades.