SCHEDULES

SCHEDULE 2Transitionals and savings

Part 5Losses (except losses on disposal of shares)

Non-active partners: carry-forward of losses

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1

The amounts of loss covered by section 113(1)(b) include amounts of loss which, as a result of section 118ZE of ICTA, are not—

a

relieved under section 380 or 381 of ICTA, or

b

treated as an allowable loss by virtue of section 72 of FA 1991.

2

In section 113(4)—

a

references to section 113 include references to section 118ZI of ICTA,

b

references to sideways relief include references to relief under section 380 or 381 of ICTA, and

c

references to capital gains relief include references to the treatment of a loss as an allowable loss by virtue of section 72 of FA 1991.

3

In section 113(8) the reference to section 109 includes a reference to section 118ZD of ICTA.