Individuals in partnership: recovery of excess reliefU.K.
142U.K.In section 792(1)—
(a)the reference to the claiming of relief includes a reference to the claiming of relief as mentioned in section 74(1)(a) and (b) of FA 2005, and
(b)the reference to sections 104, 107 and 110 includes a reference to section 117 of ICTA (including as applied by section 118ZB of that Act) and section 118ZE of that Act.
143(1)The losses covered by section 794(1) and (2) in relation to a trade include losses within section 74(5) of FA 2005 made in the trade.U.K.
(2)The income covered by section 794(3) includes amounts treated as received as a result of the application of section 74 of FA 2005.
(3)Sub-paragraph (4) applies for the purposes of section 794(5) if, as a result of paragraph 142(b), the relevant restriction provision would be section 117 of ICTA (including as applied by section 118ZB of that Act) or section 118ZE of that Act.
(4)The relevant restriction provision is instead taken to be—
(a)in the case of section 117 of ICTA (other than as applied by section 118ZB of that Act), section 104,
(b)in the case of section 117 of ICTA (as applied by section 118ZB of that Act), section 107, and
(c)in the case of section 118ZE of ICTA, section 110.
(5)In section 794(6) the reference to subsection (2)(b) includes a reference to section 74(11)(b) of FA 2005.